Despite the prevailing global economic turmoil, Bangladesh’s readymade garment sector experienced a remarkable export surge of 10.27 per cent year-on-year in the last fiscal year.
However, one of its key segments, the sweater industry, saw a more modest growth of only 5.35 per cent during the same period, reports claimed.
According to data from the Export Promotion Bureau (EPB), Bangladesh garnered US $ 5.94 billion from sweater exports in the last fiscal year, compared to US $ 5.64 billion in FY ’22.
In contrast, the country’s overall earnings reached US $ 46.99 billion in FY ’23, up from US $ 42.61 billion in FY ’22.
The sweater sector had displayed a robust 39.21 per cent year-on-year growth in FY ’22 and 12.62 per cent in FY ’21 when exports amounted to US $ 4.05 billion even as industry insiders attribute the challenges faced by the export target in the previous fiscal year to significant financial hurdles and a notable inflation crisis.
Consequently, buyers reduced their orders, resulting in a tangible impact on overall export figures.
However, the current season has seen a positive turnaround, with buyers receiving a substantial number of orders from both traditional markets (including the European Union, UK, Canada, and the US) and non-traditional buyers.
As a result, a significant export boost is anticipated in FY ’24.
