Bangladesh fails to capitalise on rising global RMG demand: Report

Despite an increase in sourcing volumes worldwide in the first quarter, Bangladesh struggled to match China’s pace in securing export orders, it underlined while indicating a 20 per cent rise in demand for textile and apparel inspections and audits from manufacturing countries like Bangladesh. 

Although US and EU brands intensified procurement in Bangladesh, concerns lingered due to the government’s policy shift reducing cash incentives for garment exports, which cast doubt on the optimism surrounding Bangladesh’s export sector recovery following disruptions in 2023.

Notably, Bangladesh witnessed a steeper decline in apparel exports compared to China and Vietnam, especially evident in the US and EU markets.

China’s recovery was pronounced, with significant growth in demand from US and EU buyers, particularly in Germany, France, and the Netherlands.

Interest in Chinese manufacturing remained strong across Asia, Latin America, and South America.

QIMA’s report, informed by extensive data and surveys, provided insights into global sourcing trends.

Despite the challenges, two-thirds of respondents globally planned to maintain or increase business with Chinese suppliers in 2024, echoing concerns raised by industry leaders in Bangladesh.

Fibre2Fashion News Desk (DR)