Bangladesh's textile industry is experiencing mixed fortunes, with knitwear exports experiencing a significant boost while woven apparel faces challenges. According to the Export Promotion Bureau (EPB), knitwear exports surged 8.15 per cent between July and January, to reach a value of $16.17 billion. This is in contrast to woven apparel exports, which dipped slightly by 2.20 per cent during the same period.
Despite global economic uncertainties like the Russia-Ukraine war and high inflation impacting textile demand, knitwear has emerged as a preferred choice in the market. Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), attributes this to knitwear's affordability, comfort, and versatility.
The positive trend for knitwear is further supported by export data. In December 2023, knitwear exports reached $2.49 billion, followed by a further increase to $2.71 billion in January 2024. Year-on-year comparisons also show significant growth, with knitwear exports rising from $24.71 billion in 2022 to $26.55 billion in 2023.
Meanwhile, exports of woven apparels have remained relatively stable, with a slight decline from $20.99 billion in 2022 to $20.82 billion in 2023. This suggests that the current market conditions may be impacting woven apparel demand more than knitwear.
