As the largest and most renowned manufacturing sector and GDP contributor in the country, the readymade garment (RMG) industry in Bangladesh has been increasing its presence in the global market, reports the Business Wire from London. Bangladesh’s position as the world’s second largest readymade garments exporter continues to hold strong. The latest figure shows that the garment industry in Bangladesh generated USD28.09 billion in exports in the fiscal year 2015-16 with a 10.21 percent growth from the previous year. The growth was mainly attributed to political calmness during the year, increased productivity, entrepreneurs’ resilience, and improvement of workers’ safety standards in factories. Readymade garments exported from Bangladesh currently represent around 6 percent of the global clothing market. Bangladesh surpassed India to become the world’s second largest exporter in 2003. It is expected that Bangladesh will continue to strengthen its position as the world’s leading readymade garment exporting country in the near future.
The denim manufacturing industry in Bangladesh is becoming one of the largest in the world, generating over USD2 billion export value every year. Due to the increasing demand of denim fabrics both domestically and internationally, Bangladesh aims to further strengthen its leading position in the global denim market, and is hoping to increase its share to 10.8 percent in the global market by 2021. Bangladesh is now already the largest denim supplier in the EU market with a market share of 23 percent, and is the third largest denim exporter to the US, after Mexico and China, with an 11.3 per cent share. The total investment in Bangladesh’s denim sector has surpassed USD900 million since 2015. The readymade garments industry in Bangladesh generates about USD30 billion worth of exports every year, making it one of the top garments producing countries in the world. Ha-Meem Group, Beximco Fashions Ltd, and Square Fashions Ltd are among the top 10 garment manufacturers in Bangladesh, competing with many other strong players in a diverse and competitive market.