Apparel makers to move forward cautiously

Staff Reporter :
Despite an impressive growth in readymade garments export, the entrepreneurs of the country’s apparel sector are moving forward cautiously for the rest of 2023 as overall global trade may see some dip compared to last year.

As per the Export Promotion Bureau (EPB) data, apparel export increased to $3.95 billion in July, the first month of the current fiscal year, from $3.37 billion dollars in the same period of last fiscal year, indicating 17.43 per cent year over year growth.

Of this, export earnings from woven garment grew by 11.54 per cent to $ 1.68 billion in last month from $1.51 billion in July FY 2022-23.

At the same time, the knitwear export grew by 22.24 per cent year-over-year to $ 2.27 billion during the mentioned period, the EPB data showed.

“The growth is certainly impressive, despite the global economic scenario is portraying a contrasting outlook.

Though inflation has started to ease off in our major export markets and the economic indicators started stabilizing, yet import of apparel by USA and EU is showing a major downtrend,” said Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

“So, it’s quite challenging to forecast the market and I personally think that we need to follow a cautiously optimistic approach for the rest of 2023, as apparel and overall global trade may see some dip compared to last year,” he added.

The BGMEA chief further said, “We are working to foster a more competitive industry, inspire and facilitate diverse capability, for conducive policy supports both locally and internationally.”

“Some of the initiatives have already produced results, while we are pursuing more.

We would appreciate if you come forward with thoughts and specific suggestions which we may spread across our members, and also take up with our government to make business easier,” he said.