Bangladesh, the second biggest apparel exporter globally after China has secured 6.67 per cent year-on-year (Y-o-Y) export growth in FY ’23 and this despite the ongoing global economic crisis and the ripple effect of the continuing Russia-Ukraine war.
“The export growth has been predominantly driven by the Readymade Garments (RMG) sector, indicating a significant concentration on this industry. While this has contributed to positive export figures, it also highlights a vulnerability in our economy,” opined Distinguished Fellow of Centre for Policy Dialogue (CPD) Mustafizur Rahman, speaking to the media even as Bangladesh Garment Manufacturers & Exporters Association (BGMEA) Vice President Shahidullah Azim on his part added, “The growth we have attained thus far has been hard-fought, requiring tremendous efforts and dedication. However, predicting the future remains challenging due to the rapid decline in orders, surpassing previous rates. The ongoing Russia-Ukraine conflict has led to a continuous decrease in demand within the Western world, burdening numerous buyers with debt. This uncertain situation adds further complexity to the outlook ahead.”
Meanwhile, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Executive President Mohammad Hatem on his part underlined that despite various challenges, Bangladesh has kept production on.
“We are doing our best to maintain this growth,” said Hatem while adding the garment makers have no choice as they have to pay the bank loans along with the workers’ salary.
