Bangladesh and Global RMG Market: Myth and Reality

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The readymade garment (RMG) sector of Bangladesh in 2023 achieved notable milestones, demonstrating resilience in the face of global economic challenges, embracing circularity and the green movement, adding value to products, and expanding exports into new markets. The apparel sector, contributing over 83% to the country’s total export earnings, played a pivotal role in these accomplishments. In recent months, a narrative has emerged, indicating a downturn in Ready-Made Garment (RMG) imports by Western nations. Contrary to prevailing misperceptions that singularly attribute this decline to Bangladesh, a comprehensive analysis reveals that such contractions were ubiquitous across RMG-exporting jurisdictions. Notably, Bangladesh, rather than succumbing to a downward trajectory, exhibited a commendable surge in RMG exports during the last quarter. This critical analysis delves into the complex story of Bangladesh’s RMG export from 2020 to November 2023, unraveling a complex fabric of growth, challenges, and adaptability. The report first looks at the global scenarios where RMG importing countries have demonstrated a decline in their overall demands that has an impact on all exporting nations. Notably, Bangladesh stands as a standalone case that has witnessed the opposite meaning Bangladesh’s RMG market remains robust and vibrant.

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