11 March 2023, Mumbai
Historical background
In 2022, Bangladesh has set a new milestone of USD 45.70 billion RMG export. As per BGMEA analysis, Bangladesh’s RMG export has increased by 27.64% in 2022 compared to 2021.
Based on the provided data, it appears that Bangladesh's apparel industry has performed well in recent years, particularly in the 6-digit HS-code level of the top 31-60 apparel products.
Breakdown of apparel exports pie
The export earnings from these 30 items increased significantly in 2022, reaching USD 4.28 billion, which represents a 59.25% increase from 2021.
The stack of exports is," Highest exportable apparel item for Bangladesh in 2022 was men's or boys MMF woven overcoats, followed by men or boys non-cotton woven shirts and women or girls cotton knitted blouses.
Whilst, the export of men's or boys' non-cotton woven shirts grew by 88.57% in 2022 Vs. corresponding to last year, whereas the export earnings from women's or girls' cotton knitted blouses rose by a robust 50.63% in the same period.
An interesting data point however is that Bangladesh exported USD 216.49 million worth of cotton-knitted babies' garments in 2022, which is something unusual in the country's apparel/clothing industry".
Macroeconomic variables
Bangladesh's apparel industry sustainably is maintaining its leadership to be a leading player in the global market, and its exports are growing steadily in certain apparel product categories.
But the country has its own set of challenges & threats such as labor rights issues and environmental concerns, which must be addressed to ensure sustainable growth in the industry.
CREDITS: Source BGMEA press note
