After a depressive quarter October-December 2023, the export growth curve has taken a positive shift. RMG export posted 12.45% growth in January 2024 compared to January 2023. Knitwear export grew by 17.32%, while woven export rebounded with 7.16% growth.
In fact, the month January 2024 stands unique for its highest export turnover in a single month in our history. RMG export in January reached US$ 4.97 billion, pretty close to US$ 5 billion mark. This is a huge milestone and the reflection of our continued expansion. This is also a reflection how we are diversifying our product and market base, and moving up the ladder of value addition.
I have also mentioned in my earlier mail that the global economy and trade is taking a turn toward recovery. We have seen retail sales in our major markets including in USA and UK reached record level during holiday seasons last year. We are also informed that the burden of excess inventory at buyers end is now relaxed, therefore new orders are expected to come. The pressure on major economies caused by high inflation and interest rate is also getting back to normalcy. Therefore, it is expected that the year 2024 will be a year of come back in terms of trade and growth.
However, we should not be overwhelmed by the instant response of the market. Particularly we need to be careful while planning new capacity and expansion, cause we cannot add more vulnerability to our existing overcapacity situation. So, quality investment, especially in backward linkage will be crucial for us for next 5 years.
