Demand for RMG products may rise in Int’l market in 2024: BGMEA Director

Despite various challenges, there are signs pointing towards an increase in international market demand for Bangladesh RMG products in 2024, said by a director of the BGMEA on Monday.

BGMEA Director Mohiuddin Rubel stated, "By maintaining robust internal supply chains and intensifying investments in new products and markets, we can successfully sustain the desired growth."

He mentioned that predicting the trajectory for 2024 is challenging due to uncertainties in the international economic and geopolitical landscape.

Factors like supply chain disruptions and inflation play a pivotal role in this context.

Moreover, there are pressures on the internal economy, including a reduction in foreign exchange reserves and the substantial challenge of managing inflation, said Rubel.

Additionally, he emphasized the importance of safeguarding industries to attract investments and uphold competitiveness.

The global outlook for the apparel sector in 2023 did not match the positive performance of 2022.

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

Rubel noted a decline in clothing imports from Europe and America, highlighting that these two significant markets, when considered together, did not significantly impact "our growth."

Rubel also pointed out that the RMG exports to non-traditional markets experienced a notable increase.

He emphasised that the growth in non-traditional markets played a crucial role in contributing to the overall expansion of Bangladesh’s RMG exports.