Slump in the apparel industry

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has requested US policymakers and a diplomat to persuade the United States government to give duty-free market access to Bangladeshi apparel products made of US cotton. The BGMEA president made the request through separate letters to US senator Ted Cruz, Texas State governor Greg Abbott and US Ambassador to Bangladesh Peter Haas.

The demand for ready-made clothing in Bangladesh has experienced a decline in the European and American markets. Within the last eight months, exports to the United States fell by 3 percent, while exports to the European Union (EU) showed growth but at a slower pace. Moreover, there has been a sluggish pace of new export orders in these markets, which is not expected to improve in the future. Consequently,  exporters are becoming increasingly concerned about this situation.

Trousers worth more than 8 thousand 4 billion dollars are imported annually into the world market. Most of which are supplied by Bangladesh's export-oriented garment factories. According to the statistics, in 2021, the import of men's (men/boys) cotton woolen trousers was 2 thousand 265 crores 34 lakh 80 thousand dollars. The share of Bangladesh in the import of the product in the world was 21.34 percent. In the same year, women's (women's/girls') cotton woolen trousers were imported worth 1 thousand 893 crores 8 lakh 80 thousand dollars.  Bangladesh's share in this import was 16.12 percent.

After Bangladesh gets removed off the list of least-developed countries (LDCs) in 2026, Dhaka is expected to present the EU with a comprehensive action plan for addressing any problems that may arise. In order to ensure a smooth and sustainable LDC graduation, it will also seek to extend trade privileges under the EU's new Generalized System of Preferences (GSP) through 2029.

Potato export from farmers, supported by the Food and Agriculture Organization of the United Nations, continues to grow, as producers came together on Sunday to celebrate another year of success. According to an FAO press release, four producer cooperatives participated in the fourth annual potato export launch in Rangpur, the nation's primary potato-growing region. Bangladesh produced 11 million tonnes of rice last year, making it Asia's third-largest producer behind China and India, and it exported nearly 0.8 million tonnes of that total. Three-quarters or more of the exports of potatoes went to Malaysia, a fourth to Nepal, and a fifth to Sri Lanka.

The top 10 traditional items continue to account for the majority of export revenues, and their contributions to overall exports are essentially stable, even though experts and the government are working on diversifying the readymade garment industry.
According to figures from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the top 10 clothing exports, which made up 68.38% of all RMG export revenues in 2021, brought in $24.49 billion for the nation. Nonetheless, BGMEA asserted that they had already started to reap the rewards of creating high-value goods. The sector can increase earnings from various products if the government keeps implementing supportive policies.