The export oriented RMG sector in Bangladesh started as a small non-conventional export sector in the late 1970s. Within three decades, RMG has transformed itself into the country’s highest revenue generating sector, contributing 81.2 percent of Bangladesh’s total exports. From spinning to knitting, from knitwear to leisure clothing and the high street fashion, textile and apparel industries design and manufacture for the world’s leading brands and retailers. This fast growing sector of the Bangladeshi economy offers a unique competitive edge that supports profitable expansion into new strategic markets.
The textile and garment industry provides a single source of growth for Bangladesh’s fast-growing economy. Textile and garment exports are the main source of foreign exchange earnings. In FY2016-2017, Bangladesh’s RMG exports reached $ 28.1 billion (within $ 34.7 billion of total exports).
Bangladesh is the second largest exporter of apparel in the world among western fast fashion brands. About 70 percent of Western brand export deals are with European buyers, and about 30 percent with American buyers, and 10 percent with others.
This striking growth of textile and RMG business can easily be expressed by the increase of textile machinery import and vice versa.According to Bangladesh Bank, Bangladesh imported 609 million worth of garments and textile equipment in FY 2020-21, down 15.60 percent from 623.56 million in the previous year. Textile equipment imports fell 6.72 percent to a record $ 177.24 million, from 190 million.
This sector will be further improved if it gets the necessary support.
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