In 2024, the global market for RMG products may see growth despite the challenges that are expected: BGMEA's Director

A director at BGMEA stated on Monday (January 01, 2024) that there are signs that the global market demand for RMG goods would increase despite the problems that are expected in 2024.
"We will be able to sustain the desired growth if we can uphold internal supply chains and increase investments in new products and markets," BGMEA Director Mohiuddin Rubel said in a statement.
The speaker expressed his difficulty in forecasting the course for 2024, citing the uncertainty surrounding the global economic and geopolitical environment.
Inflation and supply chain interruptions are two important factors to consider in this situation.


Rubel added that there are also constraints on the domestic economy, such as a decrease in foreign exchange reserves and the substantial difficulty of controlling inflation.
In addition, he stated that industry protection is critical to drawing in capital and preserving competitiveness.
In comparison to 2022, the global garment sector's outlook for 2023 was less favorable.
The WTO estimates that in 2022, worldwide garment exports will total $576 billion.
Clothing imports from America and Europe have already declined, according to Rubel.
According to him, when considered as a whole, Bangladesh's two primary markets were unable to significantly influence "our growth".

However, RMG exports to non-traditional markets increased significantly, according to Rubel.
In conclusion, he stated that the expansion of Bangladesh's RMG exports has been facilitated by the emergence of non-traditional markets.