In 2022 calendar year, RMG export reached $45.70 billion with 27.64% growth
The just concluded 2022 calendar year was a milestone for Bangladesh’s readymade garment (RMG) export. In 2022 RMG export reached $45.70 billion with 27.64% growth compared to the 2021 calendar year, considering the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Export Promotion Bureau (EPB) data.
In the calendar year, the export earnings from the knitwear sector was $24.71 billion while the earnings from the woven was $20.99 billion both registering 26.11% and 29.48% year-on-year growth respectively in 2022.
Industry leaders opined that as part of the post-COVID recovery, apparel entrepreneurs had an extra effort on increasing exports further.
Faruque Hassan, President of BGMEA said to Textile Today, “What happened here is that we have done extensive branding of our textile and apparel industry. At the same time, from 2021, our apparel entrepreneurs have solidly invested in expansion, upgraded technology, machinery and processes. The same goes for our backward linkage textile and allied industry – which also witnessed a solid investment.”
He said that new market expansion has played a vital role in Bangladesh’s RMG export growth. Adding that, “Most importantly, our entrepreneurs have explored and expanded in new emerging markets.”
In the matter of country branding, BGMEA President said, “Through apparel diplomacy, we have branded Bangladesh RMG industry and at the same time, we have highlighted our compliance and safety measures – which tremendously boosted our image in the major apparel export destinations and in the emerging markets.”
“Due to this image building, buyers have started to give more value-added orders. For example, earlier we use to make $15-$20 jackets. Whereas, buyers are now placing orders for $25-$30 jackets. Brands and retailers are now confident in our capability in doing high value-added apparel items.”
In addition, by the end of 2021, raw material prices and freight costs have gone up – which led to an increase in the unit price of apparel – this also boosted the exports, Faruque Hassan added.
“In terms of green factories, in 2022, Bangladesh’s textile and apparel industry got 30 new LEED Certified USGBC Green buildings, he added. Among these, are 15 Platinum rated and 15 Gold-rated LEED Certified factories. Overall I think Bangladesh RMG industry has bounced back greatly in a global economic slowdown and the pandemic.”
“Although, the year 2023 will be really challenging for us due to the global unstable scenario, high inflation and high-interest rate. As a result, we are witnessing a fall in garment demand.”
“In this scenario, all the stakeholders of the textile and apparel industry need to work together to overcome the challenges and BGMEA will be spearheading this collaboration.”