Global Insight: Bangladesh in the World Economy
Bangladesh stands as a cornerstone of the global apparel industry — a resilient, data-driven powerhouse shaping the future of fashion and international trade. Far from being a mere cost-effective supplier, the country embodies strategic scale, sustainable growth, and industrial sophistication.
With $43.85 billion in ready-made garment (RMG) exports in FY 2023–24 (July–May), Bangladesh is the third-largest apparel exporter globally, a position earned through consistent innovation, ethical labor practices, and expanding market reach.
“Night view of Dhaka.”
E c o n o m i c P e r f o r m a n c e & M a r k e t R e a c h
Bangladesh’s apparel exports have demonstrated remarkable resilience despite global economic challenges.
KEY METRICS INCLUDE
$43.85 billion total RMG exports in FY 23-24, reflecting a 2.9% increase year-over-year.
Knitwear exports increased by 6.2%, indicating robust demand for diversified products.
The European Union remains the largest market, representing 50% of exports (~$15.1 billion), with growth of 11.3% YoY.
The U.S. market expanded by 17% YoY, reaching $5.7 billion, and now accounts for 19% of exports.
Exports to emerging markets — including Japan, Australia, India, MENA, and Brazil — totaled $6.33 billion, underscoring diversification.
Bangladesh serves 130+ countries, reflecting its broad global footprint.
Bangladesh’s projected GDP growth is 3.9% in FY25, expected to rebound in FY26 — reflecting macroeconomic resilience despite global uncertainty.
I n f r a s t r u c t u r e & T r a d e F a c i l i t a t i o n
Bangladesh’s competitive advantage is enhanced by continuous improvements in trade infrastructure and preferential access, including:
Investment of $850 million from the World Bank focused on upgrading ports, logistics, and trade facilitation.
Presence of 8+ Export Processing Zones (EPZs), including smart green zones, facilitating streamlined manufacturing and exports.
Duty-free access to the EU (GSP) and preferential trade agreements with over 38 countries, providing favorable tariff conditions.
Lower minimum order quantities (MOQs) than competing hubs like Turkey and China, offering flexibility for buyers.
Ongoing development of Special Economic Zones (SEZs) aims to expand industrial capacity and attract long-term global investment in apparel manufacturing.
“Special Economic Zones (SEZs).”
W o r k f o r c e E x c e l l e n c e & C o m p l i a n c e
A skilled, ethically empowered workforce underpins Bangladesh’s manufacturing success:
Over 4 million garment workers, predominantly women, whose expertise and commitment drive quality and productivity.
Strong compliance framework post-Rana Plaza with adherence to international certifications such as WRAP, SEDEX, BSCI, and Fair Wear Foundation.
Implementation of minimum wage standards, workplace safety audits, grievance mechanisms, and workforce upskilling initiatives.
I n n o v a t i o n, S u s t a i n a b i l i t y & E c o n o m y
Bangladesh is at the forefront of sustainable fashion manufacturing through:
200+ LEED-certified green factories, the highest number globally, demonstrating leadership in eco-friendly production.
Strategic investments in digitization, automation, and vertical integration, enhancing efficiency and reducing lead times.
Adoption of circular economy principles, including waste reduction programs aligned with UN Sustainable Development Goal 12 (Responsible Consumption and Production).
Initiatives such as the Circular Fashion Partnership (CFP) and Made in Bangladesh, Fashionably Circular (MFC) drive future-proof manufacturing.
“Source: Business Journal.”
"Bangladesh Apparel Exports Hit $38.43 Billion in 2024"
B a n g l a d e s h ’s S t r a t e g i c V i s i o n f o r 2 0 3 0
BANGLADESH AIMS TO ACHIEVE $100 BILLION IN APPAREL EXPORTS BY 2030 THROUGH:
Expanding green and smart factory infrastructure.
Scaling digital transformation in manufacturing.
Strengthening global market diversification and trade relations.
Continuing to enhance labor standards and workforce development.
R a f r i n ’s S t r a t e g i c R o l e
As your local partner embedded in Bangladesh, Rafrin provides:
Direct access to verified suppliers, green factories, and skilled labor networks.
Real-time market intelligence and trade compliance expertise.
Support in navigating logistics, quality control, and cost optimization.
Commitment to ethical, transparent supply chain management aligned with your brand values.