World's Principal RMG Export Markets
Textile and Garments industry has been playing the most leading and growing role in the Bangladesh economy. World-wide textile and RMG players are more and more taking interest in Bangladesh in their investment planning, which shows a clear sign of wonderful potential of the country's clothing industry due to big domestic and overseas market. So if you are in the Business of TECHNOLOGY, MACHINERY, SPARES, SERVICES to the Garments & Textile Industry BANGLADESH is a market you cannot close the eyes to.
The tremendous success of readymade garment exports from Bangladesh over the last two decades has surpassed the most optimistic expectations. Today the apparel export sector is a multi-billion-dollar manufacturing and export industry in the country. The overall impact of the readymade garment exports is certainly one of the most significant social and economic developments in modern Bangladesh. With over one and a half million women workers employed in semi-skilled and skilled jobs producing clothing for exports, the development of the apparel export industry has had far-reaching implications for the society and economy of Bangladesh.
The country’s overall imports grew by 14.75 percent in the first four months of the current FY 2016-17, where 83 percent increase in import of capital machinery is significant. It could be said that the growth in import is mainly due to higher import of capital machinery and industrial raw materials, according to Bangladesh Bank. Garment factories, which are obligated to become compliant, are importing most of the capital machinery, in recent times for complying with the requirements of Accord and Alliance. More than 4,000 woven and knitwear garment factories are under pressure from their Western buyers to improve their workplace safety to global standards by June 2018. Bangladesh garment industry has generated $28.67bn exports in the calendar year 2016 which is 7.76% higher than the previous calendar year. The export in the last fiscal year 2015-16 was $28.09bn with a 10.21% growth from the previous fiscal year.
As Bangladesh RMG is moving towards achieving a target of reaching USD 50 billion by 2021 the country requires more growth than it has been getting for last three years in particular. 2017 is to be a very crucial year in that path. If the country can secure a growth around of 15% in this year, it may proceed well achieving the goal.