Bangladesh has done well in the textile sector
- April 8, 2024
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The textile industry of Bangladesh is a major source of foreign remittance income. Garments and textile exports are significantly contributing to the economy. The industry accounts for over 77% of Bangladesh’s export earnings and about 10% of its GDP. Over the last two decades, the textile industry has surpassed all expectations and proved to be extraordinarily successful.
It is currently a 19 billion dollar business with over 4 million workers employed. The industry is the second largest manufacturer and exporter of western brands. Bangladesh mainly exports to the U.S, E.U., Canada and Singapore. The textile and apparel sectors consist of about 3500 firms at the moment. Out of the three main sectors of the Bangladeshi textile industry, the private company sector is growing the fastest. Until Bangladesh’s liberation in 1971, the textile sector was primarily a section of import substitution industrialization. Export oriented industrialization was applied in the post-war era. It emerged as a promising sector and its earnings have increased by at least 10 times since its formation.
The RMG export industry has rapidly developed on a massive scale. Garments and textiles became Bangladesh’s main export sector in 1980. Between 1980s and 1990s, several export processing zones were officially established.
After 2002, the garments industry faced a multitude of obstacles - shrinking industry, mass privatization of companies, increasing world demand, declining jute prices or threatening environmental factors. However, regardless of the various difficulties, it competed strongly and was resilient against its opposing forces. Top textile companies of Bangladesh are Beximco Textiles, Noman Group, AGC Spinning Mills Ltd. And Ahmed Bawany Textile Mills Ltd., Khulna Textile Mills Ltd., Dinajpur Textile Mills,. The five top garments companies of Bangladesh are Millenium Garments, Rahan Garments, Tokio Model, Fabrics & Commodities Exchange and Alam Fiber Implex. These companies work with different types of cutting, sewing and finishing machines and export their products to their clients all over the world. Overall, the companies provide uncompromisable quality and earn millions of dollars annually. They have surpassed all of their competition by maintaining their business ethics and satisfying customers time and time again.
Textile industry in Bangladesh has the potential to catalyze the development of the remainder of the country’s economy. Entrepreneurs performing within the industry are all contributing significantly to its success. If the industry straightens out its minor issues and continues to perform at its peak, there’s a good chance that the industry will boost even further. Top players in the textile industry are Beximco Group, Ha-Meem Group and Mohammadi Group.
