Record year for Bangladesh apparel exports
13/07/2022
It found that total exports passed the $50 billion bar for the first time in the 2021-22 fiscal year (from July to June). This is due in great part to a record year for the readymade woven apparel ($19.4 billion) and knitwear ($23.2 billion) sectors. Together they exported $42.6 billion worth of goods, or 82% of the country’s exports across all product categories.
In the past years, Bangladesh’s exports were $40 billion in FY 2018-19. They dipped down to $33.67 billion in 2019-20, under the influence of the pandemic, and climbed back to $38.76 billion in 2020-21, as published by the RMG Bangladesh website.
Unrest has made countries such as Sri Lanka, Myanmar and Ethiopia less reliable for brands and retailers, and ongoing tension between the US and China are also driving business in Bangladesh, said Ashikur Rahman Tuhin head of TAD Group and a former Bangladesh Garment Manufacturers & Exporters Association (BGMEA) executive, in an op-ed.
In a press conference this week, the BGMEA announced it had set a new milestone for the country’s apparel industry to reach $100 billion in exports by 2030.
Image courtesy C&A
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