After grappling with the challenges posed by the COVID-19 pandemic and the Ukraine-Russia war throughout the past year, Bangladesh’s garment manufacturers, pivotal contributors to the nation’s export earnings, are optimistic about a turnaround in 2024.
Industry experts are urging the upcoming government to implement crucial policy reforms, with a focus on addressing issues related to power, energy, taxation, and backward linkages.
These reforms are seen as essential to fortify the business sector and stimulate the overall economy.
Notably, many factories operated at only 60 per cent to 70 per cent of their capacity in the previous year, and orders experienced a significant decline of approximately 20 per cent in major export destinations.
According to the Export Promotion Bureau (EPB), Bangladesh garnered US $ 42.83 billion in the January-November period of 2023, contributing to the country’s total exports of US $ 55.55 billion in the fiscal year 2022-23.
Within this, the readymade garments (RMG) sector accounted for US $ 23.5 billion in exports during the same period.
In contrast, the country’s total imports amounted to US $ 89.34 billion during the same period, encompassing US $ 75.77 billion in goods and US $ 10.39 billion in services.