Export earnings from Bangladesh's readymade garment (RMG) sector grew by 12.34 per cent Y-o-Y to $16.11 billion in the first five months spanning July-November’24. This led to the country’s overall exports growing by 11.76 per cent, according to the Export Promotion Bureau (EPB).

In November 2024, Bangladesh’s RMG exports increased by 16.25 per cent to $3.30 billion as against $2.84 billion in November 2023. The segment witnessed a monthly growth rate of 2.89 per cent in July, 7.20 per cent in August, 14.61 per cent in September, and 22.80 per cent in October.

Within RMG, the export earnings from the knitwear sector grew by 12.23 per cent to $8.94 billion, while earnings from the woven subsector increased by 12.48 per cent to $7.17 billion. Meanwhile, export earnings from the home textile sector grew by 5.03 per cent to $326.83 million.

According to Md Anowar Hossain, Vice Chairman, EPB, this growth in export earnings by Bangladesh is attributed to several factors including seasonal peaks in RMG shipments, clearing of backlog orders from August and September due to labor unrest, and increased demand during pre-holiday events such as Christmas, Black Friday, and Thanksgiving. End-of-year inventory management by buyers also supported the sector’s performance.

Commending the resilience of entrepreneurs and the dedication of workers, Hossain notes, most factories in the country are now operational despite earlier disruptions.

Fazlul Hoque, Former President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), points out, factors like an increasing demand in the EU and the US markets, along with shifts in orders due to the US-China trade war have led to buyers turning to Bangladesh for orders.

However, the nation may not be able to retain its export momentum due to challenges such as rising costs of doing business and labor unrest. A lack of law and order in the country may also hamper its export growth, he warns.