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Knitwear made up the biggest portion of all exports in the most recent quarter, or 47.32 percent, according to a Bangladesh Bank report titled "Quarterly Review on Readymade Garments (RMG): October-December 2022-23." The Bangladesh Bank Research Department's Marginal Review Report on Garments is routinely published by the branch of external economics.
The majority of Bangladesh's exports during the 1980s were woven clothing items like shirts and trousers. At that time, woven clothing accounted for more than 90% of all shipments. After that, Bangladesh also develops its knitting industry. The proportion of knit and woven clothing in total shipments gradually equalizes. But over the past ten years, this image has changed.
RMG makes up more than 80% of Bangladeshi exports to the international market. Based on form, clothing is essentially split into two categories: knitwear and woven clothing. Knitwear generally refers to t-shirts, polo shirts, vests, pants, joggers, and shorts. Conversely, formal shirts, trousers, suits, and denim jeans are referred to as woven clothing.
In the most recent quarter, from October to December, knitwear apparel also increased overall exports, according to the central bank's analysis. Woven clothing made up 38.56 percent of the overall exports. In addition, farm products made up 1.53 percent, jute products 1.27 percent, frozen food products 0.71 percent, chemical products 0.58 percent, and other products made up 7.93 percent of the total market.
Manufacturers of knitwear claim that since the Covid era, casual clothing usage has begun to rise. The desire for regular clothing for people is also rising. The majority of these garments are knits. Additionally, the global market is seeing an increase in demand for man-made fabrics, the majority of which are knitwear. As a consequence, knitwear is becoming more and more popular on the international market.
According to Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), more than 55% of all garment shipments currently consist of knits. Once the war situation returns to normal in 2024, we are confident that knitwear exports will rise. This is what buyers are also saying.
Participants in the garment industry claim that the shift from woven to knitwear has been gradual and is largely attributable to knitwear's ability to connect backward, which guarantees a steady supply of raw materials in the region.
The Central Bank's data show that in the fiscal year 2015–16, Bangladesh exported $34.24 billion worth of products to the international market, of which 39 percent were knitwear and 43.04 percent were woven garments.
Bangladesh exported $45.35 billion worth of products in the 2018–19 fiscal year, of which 42.54 percent were knitwear and 41.66 percent were woven clothing.
Bangladesh exported products worth $33.67 billion in the 2019–20 fiscal year, of which 41.70 percent were knitwear and 41.30 percent were woven garments.
The total value of products exported in the most recent fiscal year was $52.08 billion, of which 44.57 percent were knitwear exports and 37.25 percent were woven garments.
The knitwear industry is better able to satisfy the demand for fast fashion than the woven garments sector, according to garment exporters, who claim that buyers want to receive orders promptly. Given that most knitwear yarn is made locally, this is feasible. Even though there is a local raw material capability for ovens, a sizable portion still depends on imports. As a consequence, knitted clothing can be produced more quickly than woven clothing, allowing for quicker delivery of customer orders.
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