Bangladeshi garment exports are defying the global trend, growing 4.35% in the first eleven months of 2023 to reach $42.83 billion.
This success lies mainly in tapping into new markets beyond traditional destinations like Europe and the US.
While the US market slumped by 9% and even European shipments saw a modest 2.28% increase, garments destined for other regions soared by 22.53%. This shift towards diversification is proving crucial as the global garment trade shrinks slightly in 2023, impacted by geopolitical tensions.
World Trade Organization data shows a projected fall in the global garment trade from $576 billion in 2022 to a slightly lower figure this year. However, Bangladesh is bucking this trend, finding promising opportunities in less-explored markets.
These non-traditional destinations, excluding the US, Canada, the UK, and the EU, are now playing a key role in the growth of Bangladesh’s garment exports. The industry’s focus on diversifying its customer base is paying off, ensuring continued expansion even as established markets falter.