Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) on Wednesday announced a record export earning of $7.45 billion in the 2024-25 fiscal year, with around $1 billion coming from direct exports.

The figures were unveiled at the inaugural ceremony of the 15th GAPEXPO which opened at the International Convention City Bashundhara (ICCB) in the capital.

The four-day trade show will run until January 17.

BNP Standing Committee Member Amir Khosru Mahmud Chowdhury, National Board of Revenue (NBR) Chairman Abdur Rahman Khan, BGMEA Acting President Selim Rahman, BKMEA President Mohammad Hatem and Bangladesh Association of Banks (BAB) Chairman Abdul Hai Sarker, among others, attended the opening ceremony.

Industry leaders said the accessories and packaging sector has become a backbone of the country’s primary export earner, the ready-made garment (RMG) industry.

They noted that the sector currently employs more than 700,000 people and that BGAPMEA now represents over 2,000 member factories.

Association officials said Bangladesh has made major progress in import substitution.

Previously, sourcing accessories from abroad involved high costs and long lead times but the local industry is now capable of meeting the entire internal demand of the export sector, they said.

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The organisers also underscored the importance of the government’s ‘Product of the Year’ initiative, which provides policy support and incentives to promising sectors.

BGAPMEA welcomed the government’s decision to declare paper packaging products as the “Product of the Year” for 2026, calling it a historic milestone that is expected to attract fresh domestic and foreign investment, promote sustainable industrial growth, create new jobs and further boost export earnings.