Garments Sector & Its Future

The future of Bangladesh's garment sector is bright as the number of factories has gone up over the years and almost all of them are accredited and audited.

As a result, retailers all over the world now consider Bangladesh to be one of the compliant nations, said van der Pols, who recently visited Dhaka to attend a seminar on sustainable sourcing of garment items. Previously, the European and American buyers thought of China a one-stop shopping mall. 

But now, they have started viewing Bangladesh in the same light, as all their sourcing demand can be met here, she said. The retailers are also shifting orders to Bangladesh from China, which has lost its comparative advantage due to higher costs of production and shortage of skilled workforce. 

The experienced garment buyer went on to recommend Bangladesh to work on formalwear; swimwear and outdoor clothing as well as these items have high demand in the international market. At present, the EU, the US and Canada are Bangladesh's main markets.

Collected From Daily Star

Prospects of Garments Industries & Opportunities

It has been surveyed that there are almost three thousand factories in Bangladesh and uncountable mini factories. It’s all known that the garment industry is the country's top export earnings. This sector is playing an important role in maintaining Bangladesh's GDP by contributing about 75% of the total export earning and 15% of the overall economy and it is inflating as time goes.

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Those factories exported two thousand and 449 million US dollars of clothing. The local currency stands at the one lakh 95 thousand 920 crore, which is the highest in the country's export income. The industrial sector which was employed 40-42 lakh illiterate and poorly educated men and women, as a well as the educated people are working here. They are paid a huge amount of salary with many other facilities.

African countries are going up in the worldwide apparel business, but it will take no less than ten years for them to turn out to be our opponents as they are now in the very primary junctures. We have an extra improvement now as the Accord and Alliance have qualified more than 98% of our factories to be secure after the inspection. In this time, Sub-Saharan Africa has only a 0.56% share or USD 2.6 billion, of the total global capacity of apparel exports. Published last week, the report talked to the chief purchasing officers (CPOs) of retailers from US and the Europe, whose joint resourcing stands at USD 70 billion. While asking to grade their most vital prospect sourcing targets, the CPOs notified Bangladesh, Vietnam, Myanmar, and Ethiopia.