BGMEA hopeful about rising exports this year too
The BGMEA expects the Bangladesh RMG industry will grab 12% of the global market by 2023, which was 6.26% in 2020
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) estimates that the global market share of the Bangladesh apparel industry increased to 8.0% in 2021 from 6.26% in 2020.
Even though the industry is currently facing a sluggish trend in work orders from global apparel buyers amid Ukraine-war induced economic slowdown in major export destinations, increasing interest being shown by many new buyers makes the association optimistic about the continuation of the rising trend in export growth this year and the years ahead.
"The global apparel demand is plummeting but we are hopeful about increasing our market share," said BGMEA President Faruqe Hassan during a views-exchange meeting with journalists at the BGMEA head office in Dhaka yesterday, adding that the Bangladesh RMG industry is expected to grab 12% of the global market by 2023.
Meanwhile, apparel exporters have set a target to raise the annual export volume to $100 billion by 2030. If that target is achieved, Bangladesh's share in the global apparel market will be 14%.
Exports from no major garment producing country other than Bangladesh grew in recent months, the BGMEA president noted. He also claimed that no work orders were shifted from the country and they did not face any problem in opening letters of credit (LCs).
The BGMEA president said a number of new buyers and their representatives visited the country during the Made in Bangladesh Week that took place here last week.
He also expressed hope that a meeting of top officials of one of the largest Japanese retailers, Uniqlo, with Prime Minister Sheikh Hasina this month would bring some good outcome for the industry.
The BGMEA president, however, urged political parties to observe their political activists peacefully which, he said, is very important to maintain economic growth.
The industry has been facing challenges due to a shortage in energy supply over recent months, said Faruqe Hassan, adding that the electricity supply is quite better now but gas supply remains the same. He expressed hope that gas supply will also improve shortly.
Amid the current global situation, they are now focusing more on branding both the country and the RMG sector which, according to him, will bring positive results in luring in work orders.
The BGMEA organised the Made in Bangladesh Week to showcase the strength, capability and good practices of the local RMG industry to brand the country, he said without going into details on the outcome of the mega event.
He said BGMEA will inform about the outcome of the weeklong event next week.
As part of branding moves, the BGMEA has sponsored three global events including the International T20 wheelchair tournament scheduled to be held in India from 17 January, World Miss University peace pageant in South Korea next month and showcasing local rickshaws in the Manchester museum, he said.