RMG Export Performance Data for CY 2023 & Jan’24

20 February 2024, Mumbai

Bangladesh Apparel Industry: A glance

Sharing an update on export performance for the period of July 2023–January 2024, focusing on the positive shift in January 2024.

Positive Growth in January 2024:

• After a challenging October-December 2023, RMG exports saw a remarkable turnaround in January, growing by 12.45% compared to January 2023.
• Knitwear exports led the charge with a 17.32% increase, while woven exports also rebounded with a 7.16% jump.
• January 2024 marked a historic moment with the highest-ever monthly export turnover of US$ 4.97 billion, nearly reaching the US$ 5 billion milestone.

Factors Contributing to the Growth:

• This progress reflects our continuous efforts in product and market diversification, along with an upward climb in value addition.
• Global economic recovery: Retail sales in key markets like the US and UK reached record highs during the holiday season, indicating a positive shift.
• Reduced inventory burden: Buyers are expected to place new orders as excess inventory pressures subside.
• Easing economic pressures: High inflation and interest rates are normalizing in major economies, creating a more favorable trading environment.

Outlook for 2024:

Based on these trends, BGMEA anticipates a strong comeback in terms of trade and growth throughout 2024.

GIST

Bangladesh Apparel Industry: Upward Turn in January 2024

1. Growth Surge:

• RMG exports jump 12.45% in Jan 2024 vs Jan 2023.
• Knitwear leads with 17.32% increase, woven exports up 7.16%.
• Highest monthly turnover ever: US$ 4.97 billion.

2. Key Drivers:

• Product & market diversification, increased value addition.
• Global recovery: holiday season boosts retail sales in major markets.
• Reduced inventory, new orders expected.
• Easing economic pressures in major economies.

3. 2024 Outlook:

• BGMEA anticipates strong trade & growth throughout 2024.

CREDITS: BGMEA press release

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