Despite the slump in the global economy, Bangladeshi garment exports saw a positive increase at the end of the year, giving producers some cause for optimism.
As a result of the Russia-Ukraine conflict and the decline in oil prices, the Western world is gradually gaining pace.
Western inflation pressures are gradually reducing, allowing consumers to spend more on apparel. With international merchants and brands selling off their billion-dollar old stocks, Christmas sales were also strong.
In a statement this week, National Retail Federation (NRF) President and CEO Matthew Shay of the US said: “Consumers continue to spend on family priorities and Christmas gifts for loved ones this November, despite low inflation and rising interest rates.”
New work orders for regional factories have begun to come in from international garment shops and brands, sparking questions for potential future purchases. Overall, local clothing manufacturers anticipate a modest export recovery in the upcoming year.
Bangladesh’s garment exports reached a record $4.38 billion in November, up 35.60 percent from the same time previous year and exceeding the government’s objective. $18.34 billion in export revenue for the clothing industry over the past five months is a new high for Bangladesh’s exports of clothing.