Bangladesh’s rise in global apparel business

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Offline Sultan Mahmud Sujon

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Bangladesh’s rise in global apparel business
« on: January 27, 2020, 10:51:32 AM »


Just after the Independence War of 1971, Bangladesh had to put up a fresh fight to get rid of the scars that the nine-month battle left on its economy. Like on the domestic front, the country started a modest journey in overseas trade: it logged $348 million by exporting 25 products to 68 countries in fiscal 1972-73, according to the commerce ministry. Of the products, only three -- jute, leather and tea -- were prominent, with jute alone fetching 90 percent of the total export earnings. But the situation took a turn for the better in late 1970s when a band of educated youths began to try their luck in ready made garment shipment. They even had set up factories on the premises of their home or in shared buildings to rope in buyers and subsequently started to find their feet in the global apparel business. After a journey of four decades, Bangladesh now is the second largest apparel exporter grabbing 6.4 percent of the global market and creating jobs for 4.4 million of its people, especially women. Bangladesh is also the second largest apparel supplier to the EU and third largest to the US. Bangladesh boasts more than 100 green garment factories certified by the US Green Building Council, while another 500 buildings are on way to receive such certifications. The country exported goods worth $40.53 billion to 202 countries in fiscal 2018-19. Garment products accounted for 84 percent of the earnings, bringing in $34.13 billion. After a journey of four decades, Bangladesh now is the second largest apparel exporter grabbing 6.4 percent of the global market and creating jobs for 4.4 million of its people, especially women. Bangladesh is also the second largest apparel supplier to the EU and third largest to the US. Bangladesh boasts more than 100 green garment factories certified by the US Green Building Council, while another 500 buildings are on way to receive such certifications. The country exported goods worth $40.53 billion to 202 countries in fiscal 2018-19. Garment products accounted for 84 percent of the earnings, bringing in $34.13 billion. 

Source: https://www.thedailystar.net/business/news/bangladeshs-rise-global-apparel-business-1859545