A success story: The Bangladeshi garment sector has made remarkable progress in recent years
While Bangladesh will celebrate its 50th year of Independence on 26 March 2021, the country, despite all sorts of challenges and adversities, has shown a great deal of resilience and grit, emerging as the second largest exporter of ready-made garments (RM G) to the world, after China. Bangladesh’s market share in global RM G trading is 6.5 per cent. The last couple of decades have been quite eventful for this country, as it has significantly ramped up its capacity and capability in RM G manufacturing. Bangladesh has also positioned itself as a reliable supplier in the global market. Over the last two decades or so, RM G exports from the country have grown at a CA GR of 14.8 per cent, reaching $34.2 billion in 2018-19 (July 2018-June 2019) and contributing over 84 per cent to the country’s total exports. In 2019-20, however, due to the Covid-related market slowdown, exports were hit badly, declining to around $28 billion. The Bangladesh economy remains hi...