Category: GARMENTS
Country: Bangladesh
by Apparel Resources News-Desk
06-February-2023 | 1 min read
The apparel sector is likely to face a dip in the short term even if a strong rebound is on the cards in 2024, leading to the sector’s exports reaching US $ 56 billion by 2026.
This was underlined by Sri Lankan capital market financial services company CAL Bangladesh, operating a brokerage and merchant bank in Bangladesh, backed by deep research insights.
The research further added that a slowdown in the major apparel markets will weigh down on apparel export in 2023, even as inflation will push wage rates higher and the shortage of gas will increase production costs further, thereby squeezing the margins, while a decline in cotton prices, stemming from waning global cotton consumption, will likely help ease price pressures.
Apparel exporters focusing on the European market, are likely to experience a significant dip in revenue as compared to the exporters who see the US as a prime market, mainly due to the shocks created due to the Ukraine war.
CAL Bangladesh also maintained, with dominance in cotton-based apparel, Bangladesh is increasingly focusing on Man-made fibre (MMF) to ride on a stronger global growth outlook, even as it predicted, despite an estimated dip in 2023, Bangladesh’s apparel exports will grow at a 5.3% compound annual rate to reach US $ 56 billion by 2026.
Courtesy: https://apparelresources.com/business-news/trade/bangladeshs-apparel-export-hit-us-56billion-2026-research/
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