For the first six months of the 2022-23 fiscal, Bangladesh’s apparel exports grew by 15 per cent yearonyear.

Knitwear exports had a 13 per cent share and woven garment exports had a 18 per cent share. The country’s apparel exports grew by 15 per cent in December 2022.

Considering the data of the calendar year, Bangladesh marked a new milestone in readymade garment exports in 2022 amid geopolitical tension, global economic turmoil, and natural disasters. In 2022 Bangladesh’s readymade garment exports grew by 27 per cent compared to 2021. In 2022 Bangladesh’s export earnings from knitwear grew by 26 per cent and earnings from woven exports grew by 29 per cent.

The readymade garment and textile sector of Bangladesh will see a year of possibilities in 2023. Buyers from western countries, especially from the US, have started to shift their orders from China as part of reducing dependency on China for geopolitical reasons.This trend is expected to continue in the upcoming year. In this case, Bangladesh can be a good alternative for western buyers. Western countries may also move out orders from Vietnam and Bangladesh will have a chance to grab them too. Especially in the last few months Bangladesh has received orders from the United States at a higher rate compared to two major suppliers-- China and Vietnam.