From $35.89 billion in 2023, Bangladesh’s ready-made garment (RMG) exports increased by 7.23 per cent to $38.48 billion in 2024, as per the Export Promotion Bureau (EPB). Showing resilience, RMG sector in the country registered positive growth in the ten months of the year, as per a report by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The year began on a strong note, with RMG exports in January 2024 exports hitting $3.47 billion. Exports in February and March maintained steady at $3.19 billion and $3.06 billion, respectively. However, Bangladesh’s RMG exports declined by 6.62 per cent to $2.38 billion in April 2024 only to rebound by14.59 per cente to $3.5 billion in May 2024.
Following a 10.48 per cent to $2.97 billion in June 2024, Bangladesh’s RMG exports have shown consistence growth since July 2024 on onwards.
According to Faruque Hassan, Former President, BGMEA, 2024 was a challenging yet opportunistic year for the Bangladesh RMG industry as improved political stability and higher retail sales in the US and EU boosted work orders. Entrepreneurs increasingly focused on value-added products and expanded into new markets.
However, the sector needs to address the issues of corruption, customs and taxes to strengthen its position in 2025. Declining inflation and lower interest rates in key markets indicate positive growth prospects for the industry, he opines.
In 2024, there was a major shift towards activewear and non-cotton products alongwith efforts to diversify markets, notes Mohiuddin Rubel, Former Director, BGMEA. Energy crisis proved to a significant barrier to new investments, he adds.
With global economy set to recover in 2025, Bangladesh garment sector may also rebound during the year, despite ongoing challenges in the banking and financing sectors, adds Rubel.