Based on year-end export figures for 2023 released by the Export Promotion Bureau (EPB), Bangladesh's readymade garment (RMG) export reached US$ 47.39 billion, US$ 1.68 billion more than 2022.

Bangladesh's overall export earnings rose by 2% this year, indicating that the RMG export has been the main driver of this expansion.The increase in knitwear exports, which increased by 7.47%, was the only factor contributing to the growth in RMG exports; woven exports decreased by 0.81%.

"We believe that 2024 will be a year of turnaround since 2023 was a weaker year for this industry globally, and there are some indications that consumption and spending may rebound," stated Mohiuddin Rubel, Director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), on Tuesday.

"Since the growth curve of the global clothing trade falters every year," Rubel added.
The good news, he noted, is that the industry persisted in its commitment to and efforts towards sustainability despite all the obstacles.


The industry is making progress in lowering emissions, the minimum wage was announced and went into effect on December 1, 2023; and the transition of green industrialization is continuing with more solid performance.

We are optimistic about the future because of the export diversification in terms of markets, products, and fiber. We anticipate seeing a qualitative shift in the industry towards one that is more inventive and technology-driven this year, as well as more strategic investments coming in," Rubel said.


He stated that our economy is now dealing with a few issues. "I think 2024 will be a breath of fresh air because we anticipate a positive change in our lives. The industry is actively pursuing and investigating this new potential, but they also present new obstacles."


"We need continued support and collaboration from all stakeholders including government, development partners and others," he added.The year 2023's month-by-month export performance reveals that the year got off to a good start with moderate increase in January and February. Following two months of consecutive declines in March and April, the growth trend resumed and was sustained from May to September. However, the export performance in the year's last quarter fell short of 2022 levels.


Even though December saw a drop of 2.35% for the year, exports in this one month were US$ 4.56 billion. The exceptionally high export in November and December 2022 was the main cause of the reduction in those months.
Comprehensive statistics regarding export performance by nation is still pending publication.

"Let me officially report the export results for the fiscal year 2023–2024 from July to December. Bangladesh's RMG exports reached US$ 23.39 billion over the specified time, and the growth rate decreased to 1.72%, according to Rubel.
In light of the ongoing geopolitical and economic crises, the RMG export turnover in 2023 is still unprecedented for a single year, he said.


"I think Bangladesh performed reasonably well. However, due to the impact of monetary policy measures implemented to manage inflation on consumers and the fact that most advanced economies are struggling due to high inflation, imports of our major markets have decreased, according to Rubel.