Bangladesh’s readymade garment (RMG) exports to the European Union (EU) grew by 4.8% in 2024, reaching 18.27 billion euros, up from 17.44 billion euros in 2023, according to Eurostat data.
Exporters attributed the steady rise to duty-free market access, improved workplace safety compliance, and the production of quality goods, which have restored buyers’ confidence.
Over the past decade, Bangladesh’s apparel exports to the EU have surged by over 58% from 11.54 billion euros in 2015.
Despite the growth, 2024 earnings remain below the 21.91 billion euros recorded in 2022. Exporters highlight challenges such as high utility prices, poor gas supply, banking issues, and recent labor unrest, which have eroded Bangladesh’s competitive edge.
Fazlul Hoque, former president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), noted that while global demand is improving, Bangladesh is not fully capitalizing on the opportunity. Labor unrest in industrial zones like Ashulia and Gazipur has also deterred buyers.
However, the final quarter of 2024 saw significant growth, with year-on-year increases of 33.9% in October, 24.8% in November, and 36.2% in December. Exporters remain optimistic about sustaining this growth in 2025 as buyer confidence returns.
Among competitors, China saw a 2.3% growth in EU apparel exports, while Pakistan and Cambodia recorded double-digit growth of 11.6% and 20.3%, respectively.
Meanwhile, Bangladesh’s RMG exports to the US, its largest single market, grew marginally by 0.75% to $7.34 billion in 2024.
The EU’s total apparel imports in 2024 stood at 85.48 billion euros, a 1.27% increase from 2023.
