Bangladesh: readymade exports set for 10% boost
Bangladesh's Dhaka-based Export Promotion Bureau, which falls under the aegis of the country's commerce ministry, has raised expectations for the total value of readymade garment exports by 10% over fiscal 2023.
This figure represents expected year-on-year growth, which is forecasted to increase from $42.61 billion last financial year to $46.8 billion at the end of the current fiscal period ending June 30 of next year.
Broken out by category, woven apparel exports are expected to rise from $19.4 billion last year to $21.2 billion over the twelve months of fiscal 2023. Meanwhile, exports of knitted garments are projected to reach $25.6 billion, up from $23.2 billion last year.
According to data shared by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the South Asian nation boasts 40 denim fabric mills at present, along with around 500 sewing factories specialising in denim. More than 70% of local denim manufacturers are in the process of investing in technologies that will result in greater quality and cost value, the organisation added.
The first-ever Made in Bangladesh event, jointly organised by BGMEA and the Bangladesh Apparel Exchange, will run in Dhaka from November 12 to 18.
BGMEA vice-president, Miran Ali, speaking during the Global Fashion Summit back in June. Credit: BGMEA via Instagram.
