Despite challenges, int'l demand for RMG products could rise in 2024: BGMEA director

Despite the anticipated challenges in 2024, there are indications that international market demand for RMG products will rise, a director at BGMEA said today. 

"If we can uphold internal supply chains, and increase investments in new products and markets, we will be able to sustain the desired growth," said BGMEA Director Mohiuddin Rubel in a statement.

He said it is difficult to predict the trajectory for 2024, given the uncertainties in the international economic and geopolitical landscape. 

Factors such as supply chain disruptions and inflation play a crucial role here. 

Additionally, there are pressures on the internal economy, including a decline in foreign exchange reserves and the significant challenge of keeping inflation in check, Rubel said. 

Furthermore, he said, the protection of industries is very important to attract investments and maintain competitiveness.

The global scenario for the apparel sector in 2023 was not as good as in 2022. 

According to the WTO, global apparel exports reached $576 billion in 2022. 

Rubel said, clothing imports from Europe and America have already decreased.

He said the two main markets for Bangladesh when assessed collectively were not able to have any remarkable impact on "our growth". 

On the other hand, Rubel said, RMG exports to non-traditional markets saw a substantial increase. 

In summary, he said, growth in non-traditional markets has contributed to the overall growth in Bangladesh's RMG exports.