Reportage
Despite the anticipated challenges in 2024, there are indications that international market demand for RMG products will rise, a director at BGMEA said today (January 01, 2024).
"If we can uphold internal supply chains, increase investments in new products and markets, we will be able to sustain the desired growth," said BGMEA Director Mohiuddin Rubel in a statement.
He said it is difficult to predict the trajectory for 2024, given the uncertainties in the international economic and geopolitical landscape.
Factors such as supply chain disruptions and inflation play a crucial role here.
Additionally, there are pressures on the internal economy, including a decline in foreign exchange reserves and the significant challenge of keeping inflation in check, Rubel said.
Furthermore, he said, the protection of industries is very important to attract investments and maintain competitiveness.
The global scenario for the apparel sector in 2023 was not as good as 2022.
According to the WTO, global apparel exports reached $576 billion in 2022.
Rubel said, clothing imports from Europe and America have already decreased.
He said the two main markets for Bangladesh when assessed collectively were not able to put any remarkable impact to "our growth".
On the other hand, Rubel said, RMG exports to non-traditional markets saw a substantial increase.
In summary, he said, growth in non-traditional markets has contributed to the overall growth in Bangladesh's RMG exports.
Leave a Comment
Recent Posts
Rescheduling classified loans ...
Inflation has remained stubborn for months and cannot be curbed becaus ...
The issue of school closures a ...
The showers over different parts of Dhaka on Thursday night came as we ...
Bangladesh has slipped two notches on the World Pres ..
Seeking solace in ‘Stiched Collage’: The artistic jo ..
An EU official in Georgia has said that the country’ ..
ADB stresses need for better resource allocation for ..