Photo : collected
Apparel, the major foreign currency earner for Bangladesh, grew insignificantly by 2.75 percent, while knitwear expanded by 8.66 percent during the last five months, gaining popularity across the globe.
According to data from the Export Promotion Bureau (EPB), Bangladesh's exports aggregated $18.83 billion from the global market during July-November of the 2024 fiscal year (FY). Knitwear contributed $10.98 billion, and woven items contributed $7.85 billion.
Concerns arise, suggesting that exporters should emphasise expanding into new destinations to mitigate unexpected political and economic circumstances.
Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told The Daily Messenger, “The pulse of the global market indicates depressed sales and demand due to historic high inflation followed by the Russia-Ukraine war, but knitwear is emerging in the market due to its popularity.”
Responding to a query about whether politics has affected the apparel business, he said, “No, I don’t think any political issue has impacted the apparel market of the country. Bangladesh has a more extensive infrastructure for the apparel sector than other countries do, making it not too easy to impose sanctions on this industry.”
In July of the current fiscal year, knitwear exports were $2.26 billion, followed by $2.31 billion in August, $2.18 billion in September, $1.91 billion in October, and $2.31 billion in November. Woven exports stood at $1.68 billion, $1.72 billion, $1.43 billion, $1.25 billion, and $1.73 billion from July to November, respectively.
During July-November, exports of primary commodities dropped by 5.51 percent, agro-products by 0.86 percent, leather and leather goods by 20.55 percent, jute and jute goods by 10.99 percent, and home textiles by 42.27 percent.
At the same time this year, plastic products exports grew by 14.90 percent, and manufacturing products by 1.51 percent.
EPB data shows that Bangladesh exports to Denmark amounted to $1.28 billion, France $2.94 billion, Germany $6.68 billion, Italy $2.26 billion, Netherlands $1.85 billion, Spain $3.57 billion, Sweden $1 billion, Poland $1.73 billion, USA $8.51 billion, Canada $1.54 billion, Japan $1.59 billion, Australia $1.15 billion, and India $1 billion.
Dr. Khondaker Golam Moazzem, a research fellow at CPD, told The Daily Messenger, “The political situation will not impact trade because the world wants to return to normalcy from war-prone tension. The USA and EU economies are gradually returning to business.”
Exports have grown with the ready-made garments (RMG) sector leading the way. EPB data shows that RMG fetched a record $47 billion, with knitwear earning $25.73 billion and woven items earning $21.25 billion in the just-ended fiscal year. In the same period last year, RMG exports stood at $42.61 billion, with knitwear earning $23.21 billion and woven items $19.39 billion.
Bangladesh is the second-largest garments exporter globally, following mighty China. Among these exports, Bangladesh is the largest denim exporter to the USA and a major exporter of knitwear to the EU.
Over the past 15 years, Bangladesh has successfully built a robust presence in the global market. Thirteen countries in the West and Asia import apparel worths billions of dollars from Bangladesh.
According to the EPB, Bangladesh earned $47 billion in the fiscal year 2023. Among these earnings, 13 countries imported goods totalling $35.1 billion, with over one billion imported early in the year.
Typically, Bangladesh exports cotton-based products such as T-shirts, sweaters, blouses, underwear, and denim.
Messenger/Disha
