30 September 2023, Mumbai

• FY2022-23

  • Readymade garment export contributed 84.5% of Bangladesh's total exports valued at nearly $47 billion.
  • Garment exports to the US saw negative growth at -5.5%, while exports to the UK and EU grew by 11.8% and 9.9% respectively.
  • Non-traditional markets like Brazil, Turkey, and Japan fared exceptionally well with over 71%, nearly 50%, and nearly 46% growth respectively.

  FY2023-24 (First two months)

  • Bangladesh sees moderate demand growth in both traditional and non-traditional markets.
  • Apparel export worth $7.99 billion, a growth of 12.46% from $7.11 billion in July-August of this fiscal.
  • The US is the largest single export destination with exports worth $1.46 billion, a year-on-year growth of 2.95%.
  • The UK is the third highest destination with exports worth $976.8 million, a growth of 19.1% year-on-year.
  • Apparel export to other major destinations such as Spain, France, Netherlands, Italy, and Poland also registered positive growth.
  • The US's Generalized System of Preference program has included Bangladeshi apparel, making it duty free as opposed to the 11% it is being taxed as customs.

  BGMEA's assessment

  BGMEA is satisfied with Bangladesh's export performance in FY2022-23 and FY2023-24. Bangladesh has fared well as per course, especially in non-traditional markets despite depressed orders from traditional markets.

  The US's decision to make Bangladeshi apparel duty free is a positive development for the garment sector.

Latest Textile Events

20 September 2023, Mumbai

Non-profit Organisation Global Fashion Agenda Unveils New Film Series "Fashion Redressed" to Mobilize Sustainability in the Fashion Industry

Fashion Redressed, a new online film series presented by Global Fashion Agenda and produced by BBC StoryWorks Commercial Productions, intends to inspire the industry to take action to transform the way we produce and consume fashion.

The series comprises multiple films that showcase organizations from across the fashion and textile industries, spotlighting the innovations that are influencing the new seasons of fashion and featuring a collection of stories that depict tailor-made solutions to fit us and our planet.

The 11 self-contained branded films showcase a range of participants, including eBay, Elk, The Ellen MacArthur Foundation, Vestiaire Collective, Spinnova, Lenzing, Faherty, FarFetch, Waste2Wear, Colorifix, and Forest Stewardship Council. Each film focuses on a bespoke solution that can benefit us and the planet.

The series is a powerful reminder that we can all play a role in creating a more sustainable and equitable industry.

Latest Textile Events

30 September 2023, Mumbai

On the occasion of the Global Fashion Summit: Boston Edition 2023, Global Fashion Agenda (GFA) has released the 2023 edition of the Fashion CEO Agenda, a concise report to support the establishment and implementation of leadership strategies to achieve a net positive fashion sector.

SDGs

With less than seven years to deliver on the UN's Sustainable Development Goals, fashion industry leaders must take urgent steps to make sustainability an integral part of their business strategies.

Action areas outlined in the report include promoting worker access to effective grievance mechanisms, promoting fair compensation and living wages, establishing water stewardship, and addressing overproduction.

Outlines

The report reiterates the need to adopt existing industry-aligned targets, including UNFCCC's time-bound targets on de-carbonisation and the uptake of preferred and low climate impact materials.

To complement the Fashion CEO Agenda, GFA has created a 2030 Fashion Sector Vision, which presents where the overall sector should be in relation to each of the five sustainability priority areas within only seven years.

GFA now calls on fashion leaders to align their corporate strategies to the priorities and actions laid out in the Fashion CEO Agenda and for the wider sector to support in fostering a conducive environment for scaling this transformation.

Latest Textile Events

28 September 2023, Mumbai

Green Transformation Fund

BDT5,000 crore refinancing scheme

Long-term loans with a maximum interest rate of 5%

Factories can avail 70% of the costs of letters of credit against their required (machinery) imports as loans

Maximum loan amount of BDT200 crore

Can be used for water efficiency, conservation and management, waste management, resource efficiency and recycling, renewable energy, energy efficiency, heat and temperature management, ventilation and wind flow efficiency, working environment improvement initiatives, and other areas

Technology Development Fund

BDT1,000 crore scheme

Cheap loans to 100% export-oriented industries to upgrade the technologies they currently use

Tenure ranges from 3 to 10 years

Interest rate depends on the tenure (5% for less than five years, 5.5% for between 5 years and less than 8 years, and 6% for more than 8 years to 10 years)

Maximum of 1 year grace period

Can be used for replacing outdated machinery, adopting technology for renewable energy, and upgrading of machinery used in business operations and waste management.

Latest Textile Events

25 September 2023, Mumbai

Bangladesh Denim Expo taking place on November 8–9 at the International Convention City Bashundhara (ICCB).

The Bangladesh Denim Expo is a remarkable initiative founded by Mr. Mostafiz Uddin, driven by a passion for denim and a commitment to social responsibility.

The expo showcases Bangladesh's burgeoning potential in the denim industry, a sector where the country has earned a reputation for producing high-quality denim and jeans at competitive prices.

Beyond commerce

Beyond its commercial appeal, the Bangladesh Denim Expo serves as a platform for like-minded denim enthusiasts from around the world to unite and envision a new future for the industry.

A catalyst for change; By raising industry standards and promoting ethical practices, the expo helps to create a more equitable and sustainable future for all.

Latest Textile Events

16 September 2023, Mumbai

With over 20 years in the industry, Nemanthie has been pivotal in executing the MAS "Plan for Change," over the last few years, both as the Director – Product Creation & Sustainable Business at MAS’ largest business unit, and in her current role as the Director – Group Sustainable Business at MAS Holdings.

Nemanthie’s unique insights offer a front-row seat to the innovative practices and strategies that MAS Holdings is using to spearhead industry transformation with globally known brands.

Journey to Sustainability

Nemanthie can provide valuable insights into the company's sustainable product strategy, and the steps taken in the last year to pilot and scale efforts in circularity.

Nemanthie and her team are currently also working on exploring what comes beyond the 2025 targets set in the MAS Plan for Change and can offer some insight into what factors are influencing how MAS might choose to take their sustainability journey forward.

Latest Textile Events

27 September 2023, Mumbai

Learning about cotton production, marketing, and research

More than 30 textile manufacturing executives from 15 countries will visit the U.S. Cotton Belt September 30-October 7 on the 42nd COTTON USA Orientation Tour.

The tour, sponsored by Cotton Council International (CCI), is designed to help international customers learn more about U.S. cotton.

In progress

Tour participants will visit cotton farms, gins, and research facilities in the Mid-South, Texas, and California. They will also meet with U.S. cotton exporters and get briefings from industry organizations.

The COTTON USA Orientation Tour is a vital event for the U.S. cotton industry. It helps to build and strengthen relationships with international customers and showcase the high quality of U.S. cotton fiber.

Latest Textile Events

21 September 2023, Mumbai

Overall Growth

Bangladesh's total RMG exports to the world reached US$ 31.99 billion during the January-August 2023 period, showing 7.27% growth compared to the same period in the previous year.

EU

The EU is Bangladesh's largest RMG export destination, and it played a major role in the overall growth. Bangladesh's RMG export to the EU increased by 5.96% during the mentioned period, with a total export value of US$ 15.87 billion.

USA, UK, and Canada

Bangladesh's RMG exports to the USA decreased by 8.08% during the mentioned period, dropping to US$ 5.69 billion. Conversely, exports to the UK and Canada experienced positive growths of 13.60% and 6.79% respectively, with exports amounting to US$ 3.60 billion and US$ 1.05 billion.

New Markets

Bangladesh's RMG exports to new markets continued to grow, reaching US$ 5.80 billion in Jan-Aug 2023, showing 28.31% growth compared to the same period in the previous year.

Latest Textile Events

15 September 2023, Mumbai

Apparel Group's Crocs has opened its latest store at the Riyadh Park Mall in Saudi Arabia, further cementing its dominant presence in the country. The new store is the brand's 37th in Saudi Arabia and its 80th in the GCC region.

Unveiling

The official store launch was held on September 8th and was attended by esteemed guests including key influencers and media personalities from the region.

The guests enjoyed the lively atmosphere in the store, which was filled with music from a top-notch DJ and colorful graffiti art. They also had the chance to personalize their Crocs with Jibbitz, the brand's signature charms.

Quotes

Neeraj Teckchandani, CEO of Apparel Group, said, "Crocs has always stood at the intersection of comfort, style, and innovation. Our expansion in Riyadh and the broader GCC region is a testament to our unwavering commitment to our loyal customer base.

The Riyadh Park Mall store is not just another location – it's a celebration of our shared journey with our customers who have embraced the brand wholeheartedly."

The new Crocs store in Riyadh Park Mall offers residents and visitors an extensive collection of the brand's latest designs, bringing forth a blend of comfort, color, and innovation.

Latest Textile Events