Bangladesh’s readymade garment exports to the European Union (EU) witnessed a 4.86% growth in 2024, marking a significant recovery from previous setbacks, according to Eurostat data.
Apparel exports from Bangladesh to the EU during the January-December period of the last calendar year amounted to $19.77 billion, up from $18.85 billion in 2023.
Industry insiders said several factors contributed to this steady rise, including the production of value-added garments, duty-free market access, adherence to workplace safety standards, and the combined efforts of manufacturers and workers.
These developments bolstered buyers’ confidence, enhancing the business environment and fortifying Bangladesh’s position as a key player in the export market, they added.
According to Eurostat data, despite fluctuations throughout the year, with a slow start followed by a surge in the last quarter of 2024, Bangladesh experienced substantial year-on-year growth in October, November, and December.
This positive trend, along with increasing exports, fueled the current growth trajectory.
However, even though 2024 showed improvement over 2023, earnings still fell short of the levels achieved in 2022.
“Looking ahead, the outlook remains optimistic as work orders are expected to increase, sustaining the growth momentum into 2025. With buyers regaining confidence and expanding their sourcing activities in the country, the growth trend is poised to continue”, said Mohiuddin Rubel, former Director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
In comparison to Bangladesh, China saw a 2.61% growth in 2024 in apparel exports to the EU, while Pakistan and Cambodia experienced more significant growth rates of 12.41% and 20.73%, respectively.
China’s apparel exports to the EU totalled $26.07 billion in 2024, up from $25.40 billion in 2023.
On the other hand, Turkey witnessed a 6.64% decrease in apparel imports to the EU, amounting to $10.07 billion in 2024, while Vietnam recorded a 4.21% growth, reaching $4.30 billion in exports.
Pakistan and Cambodia secured $3.79 billion and $4.22 billion in 2024, respectively, from the EU clothing market. In 2024, the EU imported apparel worth $4.52 billion from India, which was 1.97% higher than the earnings of 2023.
