. In a groundbreaking move, Bangladesh is poised to revolutionize its textile industry by significantly reducing cotton imports through the efficient recycling of garment waste. Industry insiders reveal that this strategic initiative not only promises substantial cost savings but also opens the door to billions in additional annual revenue.
Cambodia's textile-garment sector has encountered a significant decline in exports, registering a 14.8% year-on-year (YoY) drop in the first 11 months of 2023. According to data from the commerce ministry, global economic slowdown, particularly in the European Union (EU), is cited as the primary factor behind this downturn.
The Export Promotion Bureau (EPB) reports a decline in Bangladesh's Ready-Made Garment (RMG) exports to traditional markets, including the United States, the European Union (EU), and Germany during the first five months of FY’23. However, the country is finding support in the growth of exports to non-traditional markets, such as Australia and Japan.