Bangladesh’s readymade garment (RMG) sector demonstrated resilience in 2024, posting a 7.23% year-on-year growth with exports totaling $38.48 billion, up from $35.89 billion in 2023, according to the Export Promotion Bureau (EPB). Despite domestic and global hurdles, the sector maintained positive momentum for ten out of twelve months.
Monthly Export Trends
RMG exports started the year strong, with January, February, and March recording $3.47 billion, $3.19 billion, and $3.06 billion, respectively. April saw a 6.62% decline to $2.38 billion, but a recovery followed in May, achieving 14.59% growth with $3.5 billion. June marked another dip with a 10.48% drop to $2.97 billion.
From July onwards, exports stabilized, showing consistent positive growth. The year closed with December achieving the highest monthly earnings at $3.77 billion, a 17.45% increase compared to the previous year.
Challenges and Opportunities
Mr. Faruque Hassan, former BGMEA president, highlighted increased work orders due to improved political stability and rising sales in key markets like the US and EU. He pointed to issues such as corruption, customs inefficiencies, and energy shortages as key challenges to address in 2025.
Mr. Mohiuddin Rubel, former BGMEA director, emphasized the sector’s diversification into active wear and non-cotton products. However, he noted sustainable energy shortages and political unrest as ongoing concerns.
Outlook for 2025
With a 12.4% growth target for FY25, industry leaders stress the need for uninterrupted energy supply, increased worker efficiency, and stable industrial relations. Improved global economic conditions and reduced inflation in major markets could further boost Bangladesh’s RMG exports.
“Ensuring political stability and resolving domestic issues will be crucial to seizing opportunities in the coming year,” said Hassan, reflecting optimism for a more robust 2025.
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