Experts foresee Bangladesh garment sector rebound this year

Their optimism stems from the subdued inflation in the Western world, increased spending on clothes and brands and retailers registering encouraging sales during the winter festive season.

Meanwhile, speaking to the media, president of Bangladesh Garments Manufacturers and Exporters Association (BGMEA) Faruque Hassan expressed optimism about a rise in global garment orders starting the second quarter of this year as the decline in inflation across Europe and the US is expected to prompt brands to increase sourcing from Bangladesh while vice-president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Fazle Shamim Ehsan, on his part said reduced inflation could boost consumer spending on clothing.

It may be mentioned here that with projected decrease in international inflation and anticipated GDP growth in OECD countries, Bangladesh’s garment exports are poised for expansion in 2024 even as research indicates a promising opportunity for Bangladesh in the online apparel market as well, with potential earnings of $489 million by 2027.

Collaboration with international e-commerce platforms could unlock substantial growth, positioning Bangladesh as a significant player in the global online apparel market, research indicated.

Fibre2Fashion News Desk (DR)