Bangladesh’s garment exports rebound strongly

According to a report by Bangladesh’s “Daily Sun” on January 9, with the recovery of economic activities at home and abroad in Bangladesh, Bangladesh’s clothing export volume will increase from 2020 to 2020 due to the new crown epidemic. Strong recovery from the shock. During the first wave of the COVID-19 epidemic in early 2020, the export-oriented Bangladesh garment industry experienced a difficult period as foreign buyers canceled or suspended wholesale orders. However, one year later, Bangladesh’s garment exports rebounded sharply, reaching a record high of US$35.57 billion in 2021. Bangladesh’s official data shows that Bangladesh’s clothing exports plummeted to US$27.47 billion in 2020 from US$33.07 billion in 2019. Driven by apparel export volume of US$3.16 billion in December 2021, Bangladesh’s monthly export revenue hit a record high, reaching US$4.09 billion, a year-on-year increase of 52.6%. During the period from July to December 2021, Bangladesh’s garment exports increased by 28.02% to US$19.9 billion. Shahidullah Azim, deputy chairman of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said Bangladesh’s ready-made garment exports have started to rise after the long-standing global blockade was lifted and ports opened from August. In addition, Myanmar’s military rule and the severe COVID-19 epidemic in India have also caused some orders from there to be transferred to Bangladesh. Before the COVID-19 epidemic, buyers in Europe and the United States had shifted some orders from China to Bangladesh, and Vietnam’s long-term blockade has also contributed to the growth of Bangladesh’s garment exports. According to industry insiders in Bangladesh, overall, local Bangladeshi clothing manufacturers’ orders in 2021 will increase by 15-20% compared with 2020. Bangladesh also performs well in establishing green garment factories. About 150 environmentally friendly green factories have been established, and some are under construction. BGMEA leaders hope export growth will continue in the coming months as Western clothing stores scramble to replenish their inventories.