Photo : Collected
One type of woven garment previously enjoyed greater popularity in the global market. However, with the onset of the COVID-19 pandemic and subsequent economic downturn, there has been a shift in consumer behavior. As people began working from home and prioritising affordability, there has been a gradual increase in the demand for knitwear, which tends to be cheaper in price.
Recent export data released by the Export Promotion Bureau (EPB) indicates a notable trend in the textile industry. During the July-January period, knitwear exports surged by 8.15 percent, showcasing a significant increase in demand. Conversely, woven garments experienced a decline in exports, dropping by 2.20 percent during the same period.
According to the data, during the mentioned period, knitwear exports garnered $16.17 billion from the international market, marking a significant increase from $14.96 billion in the corresponding year. Conversely, woven garments earned $12.18 billion, slightly down from $12.45 billion in the same period.
Faruque Hassan President of Bangladesh garment Manufacturers and exporters Association (BGMEA) told the Daily Messenger “Indeed, the global market is currently grappling with depressed sales and demand, largely attributed to historic high inflation compounded by the ongoing Russia-Ukraine conflict. However, amidst these challenges, knitwear has emerged as a popular choice in the market. Its rising popularity can be attributed to several factors, including affordability, comfort, and versatility.”
Responding to a quiry he said, “No, I don’t think any of international political issue has impacted the apparel market of Bangladesh. Bangladesh has bigger infrastructure than other apparel makers, so it is not too easy to impose sanction over the industry.”
During the seven months of the current fiscal year garment sector earned $24.36 billion. In July knit earned $2.26 billion, August $2.31 billion, September $2.18 billion, October $1.91 billion, November $2.31 billion, December $2.49 billion, January $2.71 billion while woven garnered $1.68 billion, $1.72 billion, $1.43 billion, $1.25 billion, $1.73 billion, $2.06 billion, $2.31 billion respectively.
Bangladesh Garment Manufacturers and Exporters Association data shows, in 2016 knit export was $13.73 billion, in 2017 $14.53 billion, in 2018 $16.24 billion, in 2019 $16.44 billion, in 2020 $14.22 billion, 2021 $19.59 billion, 2022 $24.71 billion, in 2023 $26.55 billion.
And woven wear export stood at in 2016 $14.93 billion, 2017 $14.67 billion, 2018 $16.68 billion, 2019 $16.63 billion, 2020 $13.24 billion, 2021 $16.21 billion, 2022 $20.99 billion and in 2023 $20.82 billion.
Messenger/Fameema
