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What Makes Bangladesh  -  A Hub Of Garment Manufacturing

What Makes Bangladesh  -  A Hub Of Garment Manufacturing

There isn't a doubt that Bangladesh has emerged as a strong garment manufacturing country in the past decade. What's it that brought Bangladesh’s apparel trade the place it's right now? Let’s discover out!

Bangladesh is the world’s second largest Readymade Garment (RMG) exporter, just behind China. Country’s eighty one% of exports come from the RMG sector, and the textile and Apparel sector contributes round 20% to Bangladesh’s GDP. It employs around 20 million people within the country and is the most important driving force of the country’s economy.

Bangladesh plans to get the center-income country status by 2021, and RMG sector goes to play a major role in it. Bangladesh has set itself a target of achieving apparel exports worth $50 billion by 2021, and it seems to be on the best track. Within the last monetary year, FY18, the Export Promotion Bureau (EPB) states that Bangladesh’s general exports grew by 5.eighty one%, reaching $36.67 billion, owing to the growth in apparel exports. The garment exports as per EPB registered an 8.seventy six% development in this fiscal year, which was 1.fifty one% higher than the set target.

The biggest factor being the short returns this phase affords the investors. This is the only sector within the country that provides returns in three to five years. Also, fishing polo shirts being the second biggest attire exporter globally, there are large progress alternatives that the sector offers.

Moreover, China is dropping ground, owing to its growing manufacturing costs, which opens an immense prospect for Bangladesh to seize more market share.

Labor Availability

The most important power that Bangladesh has over its rivals is its cheap and huge workforce. The minimum wage in Bangladesh is lower than that in China, Cambodia, India, and Vietnam.

Also, there are around 37 private and public universities producing textile graduates within the country every year, further adding to the expert manpower for the segment. Moreover, favorable government insurance policies, bank facilities (for uncooked material purchase), and strengthening backward linkage supporting industries create a robust case for the sector.

The Duty-free Advantage

Bangladesh has Least Developed Country (LDC) status that qualifies it for duty-free market access or reduced tariff services to many developed and creating nations, globally. Bangladesh enjoys duty-free entry to around 52 nations, including international locations within the EU, the USA, Australia, Switzerland, Japan, Turkey, Russia, Norway, New Zealand, China, South Korea, Thailand, Malaysia, and India, for the trade of many products.

Bangladesh has also signed many trade offers providing Bangladesh exports a preferential remedy, like SAARC Preferential Trading Arrangement, Asia-Pacific Trade Agreement, Bay of Bengal Initiative for Multi-Sectoral Technical and Financial Co-operation, South Asian Free Trade Area, and the Trade Preferential System among the many OIC member states.

Technology Adoption

Bangladesh has attracted many major global retail manufacturers, and with the know-how and high quality compliance parameters has additionally seeped in Bangladesh’s attire manufacturing systems. Moreover, Bangladeshi manufacturers and exporters have constructed excellent vertical capacities, which solely China could supply earlier than, which assist world manufacturers to make sure more transparency and coordination of their supply chains.

The country has henceforth adopted essentially the most sophisticated attire manufacturing and management applied sciences to cater to their international customers. This has resulted in a considerably high rate of high quality achievement and technical compliance in Bangladesh’s RMG sector.

Bangladesh has three financial years left to match its annual attire exports goal of USD 50 Bn. This requires the sector to develop at a war footing at a rate above 60%.

The year 2016–17 showed a sluggish growth for the country, owing to the slowing down of trade with the US. The 2017–18 shows more promise, however the present traits make it troublesome for Bangladesh to achieve the set goal, however it is not but impossible.