Int'l market demand for RMG items could rise: BGMEA director

Despite the anticipated challenges in 2024, there are indications that international market demand for RMG products would rise, a director at BGMEA said on Monday, reports UNB.

"If we can uphold internal supply chains and increase investments in new products and markets, we will be able to sustain the desired growth," said BGMEA Director Mohiuddin Rubel in a statement.

It is difficult to predict the trajectory for 2024, given the uncertainties in the international economic and geopolitical landscape, he said.

Factors such as supply chain disruptions and inflation play a crucial role here, he added.

Additionally, there are pressures on the internal economy, including a decline in foreign exchange reserves and the significant challenge of keeping inflation in check, Rubel added.

Furthermore, he said, the protection of industries is very important to attract investments and maintain competitiveness.

The global scenario for the apparel sector in 2023 was not as good as 2022. According to the WTO, global apparel exports reached $576 billion in 2022.

Rubel said clothing imports by Europe and America have already declined. The two main markets for Bangladesh when assessed collectively were not able to put any remarkable impact to "our growth", he added.