Bangladesh's garment exports register a negative growth of 1.01%

In April 2024, Bangladesh's garment exports reached US$3.29 billion, compared with US$3.33 billion in the same period last year. Affected by this, export revenue growth shrank to 1.01% in April.

As of the end of March, the growth rate of garment exports from July to March was 5.53%. By the end of April, the July-March period, this growth had fallen to 4.97%. The total exports of the country also fell from 4.39% to 3.93%.

Since ready-made garments account for 85% of total export revenue, a decrease in ready-made garment exports will have an impact on the growth of total export revenue.

In this regard, the director of the Readymade Garments Manufacturers and Exporters Association (BGMEA), Mohiuddin Rubel said there were fewer working days due to the Eid al-Fitr holiday in April. This is one of the reasons why exports fell in April. He said that the global economy has been in bad shape for a long time. Following the COVID-19 pandemic, the Russia-Ukraine war, and the turmoil in the Red Sea region, the situation has once again intensified. As a result, the world economy continues to be unstable.

The garment export target for this fiscal year is US$52.27 billion. The strategic target for the 10 months from July to April is US$42.97 billion. During the period, exports were $40.49 billion, which was US$2.48 billion or 5.77% below the export target for the 10 months as of April. An additional $2.5 billion worth of ready-made garments must be exported this year to achieve this target.