Bangladesh's garment exports reached US\$47.3 billion in 2023
Bangladesh, the world's second-largest garment exporter, has shown remarkable performance in the textile and garment export sector in recent years. In 2023, this South Asian country's garment exports reached a staggering US\$47.3 billion, a significant increase from US\$32.9 billion in 2018.
Ready-made garment exports dominate
According to data from the Export Promotion Bureau of Bangladesh, the country's total exports in the first half of fiscal year 2024 slightly increased to US\$27.54 billion. Despite stagnation in major export markets such as the European Union, the United States, Germany, India, Italy, and Canada, ready-made garment exports still accounted for a significant 85% of total exports. This proportion highlights Bangladesh's deep dependence on the garment industry and exposes its multiple internal and external challenges, including electricity and energy shortages, political instability, and labor unrest.
Knitwear contributed over 47% to Bangladesh's total export revenue in 2023, becoming its largest source of foreign exchange earnings. The growth of ready-made garment exports to US\$47.38 billion, accounting for nearly 85%, demonstrates Bangladesh's strong competitiveness in the global apparel market.
Exports to the US doubled
It is particularly noteworthy that Bangladesh's garment exports to the United States have nearly doubled in the past five years, increasing from US\$5.84 billion in 2018 to over US\$9 billion in 2022, reaching US\$8.27 billion in 2023. This growth shows Bangladesh's significant achievements in trade with one of the world's largest garment consuming markets.
The rapid rise of the denim industry
In the denim industry, Bangladesh has surpassed China in just a few years to become the largest denim exporter to the European and American markets. From January to September 2023, Bangladesh's denim exports to the European Union reached US\$885 million, and its denim exports to the United States also surged, demonstrating Bangladesh's strong competitiveness in this niche market.
Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
On March 3, Wang Yongqing, Vice President of Xiamen CNOOC Group, visited Tongzhou Group for investigation and guidance. Wei Gangmin, Chairman of our company; Huang Hongyu, President; Li Tao, Vice President; and Zhang Zhiyan, Director of the General Office, met with and participated in a symposium.
Tongzhou Cotton Market Brief, Week 1 of March 2025
1) This week's National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) in China boosted market expectations for steady growth. In February, the Purchasing Managers' Index (PMI) for manufacturing stood at 50.2%, up 1.1 percentage points from the previous month, indicating a significant improvement in the manufacturing sector.
In 2024, China's dyeing industry saw rapid export growth to ASEAN and RCEP member countries, exceeding the overall export growth rate. However, this growth was accompanied by a decline in prices. From January to December, China's exports of eight major dyeing products to ASEAN totaled 7.908 billion meters, a year-on-year increase of 12.14%, 4.61 percentage points higher than the overall export growth rate, accounting for 23.58% of total exports. The average export price was US\$1.19 per meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall decline. Exports to RCEP member countries totaled 8.431 billion meters, a year-on-year increase of 11.35%, 3.82 percentage points higher than the overall export growth rate. The average export price was US\$1.17 per meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall decline.
On February 28, Mr. Huang Hongyu, President of our company, was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference and, as a guest speaker at the "Xiangshan Roundtable," shared his views on the cotton market and trading opportunities.
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