Bangladeshi garment exports have experienced a substantial surge, registering a 21.75% volume increase and a 16% rise in value during the initial six months of the current financial year. Chattogram port, a key hub for the country’s trade, has played a pivotal role in facilitating this growth. According to data from Chattogram Customs House, approximately 24.25 lakh tonnes of ready-made garment products, valued at around Tk2.28 lakh crore, were exported through the port in the first half of FY24. As reported, in comparison, the corresponding period in FY23 saw an export volume of around 19.92 lakh tonnes, valued at approximately Tk1.97 lakh crore.
This surge is not limited to traditional markets, as the export of garment products to countries such as Australia, Britain, Japan, China, and Canada has seen a commendable increase. The positive trend is particularly noteworthy given the challenges posed by the global economic slowdown. Reportedly, Australia has emerged as a standout export destination for Bangladesh, with a remarkable 30.91% increase in volume and a substantial 41.20% increase in value. Similarly, exports to Britain, Japan, Canada, and China have seen double-digit growth in both volume and value.
Industry experts attribute this diversification in export destinations to the strategic efforts of Bangladeshi entrepreneurs in the Ready-Made Garment (RMG) sector. Rakibul Alam, Vice President of the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), emphasizes cultivating relationships with new buyer countries. This approach has led to enhanced export figures, notably in the Middle East, India, Japan, and South Africa.
The industry’s resilience and adaptability, coupled with strategic initiatives to explore new markets, position Bangladesh as a key player in the global garment trade, contributing significantly to the nation’s economic growth.
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