Despite fluctuating throughout most of 2024, there was a significant growth in exports in the last quarter. Last year, Bangladesh’s ready-made garment exports to the European Union achieved a growth of 4.86 percent.
Statistics show that Bangladesh’s garment exports reached 19.77 billion US dollars during January-December last year, which is significantly higher than the 18.85 billion dollars in 2023.
These data have been revealed in the latest report of the recently released European Union (EU) statistics agency Eurostat.
The report analyzed that China achieved a growth of 2.61 percent in 2024 compared to Bangladesh. Whereas Pakistan and Cambodia achieved growth of 12.41 percent and 20.73 percent respectively. China’s ready-made garment exports reached 26.07 billion dollars in 2024, which is higher than the 25.40 billion dollars in 2023.
On the other hand, Turkey’s apparel exports to the EU declined by 6.64 percent in 2024, to $10.07 billion. Vietnam grew by 4.21 percent to $4.30 billion. Pakistan and Cambodia exported $3.79 billion and $4.22 billion, respectively.
On the other hand, India exported $4.52 billion worth of apparel to the EU in 2024, up 1.97 percent from 2023.
Stakeholders say that several factors, including value-added apparel production, duty-free market access, compliance with workplace safety standards, and the combined efforts of manufacturers and workers, have contributed to this steady growth. These developments have increased consumer confidence, improved the business environment, and given Bangladesh a strong position in the export market.
Mohiuddin Rubel, Managing Director of Bangladesh Apparel Exchange, said on the matter that this is a positive forecast for the future. Because these exports are likely to increase further in 2025. Buyers are regaining confidence in Bangladesh and are increasing sourcing activities here, which will continue the trend of export growth.
He also said, “We are optimistic that we will receive more work orders in the future. As a result, it will be possible to maintain the growth pace like last year this year as well.”
