Author: Sabrina Sharmeen,CEO, SIERRA Sourcing and Founder & President, Textile Tech Association
World pandemic period hits badly in 2020. Many of the countries suffered with life loses. Many companies collapsed and people lost their job. Bangladesh was not apart from this situation! Factories were closed for the period of time and workers were forced to back their hometown. Many companies gone bankrupt, uncertainty was everywhere. Even cotton former cultivated food instead of cotton. Thinking that, needs of cotton is less important than life during pandemic!
So, no one assumed that world will come to the normal life with in a year! And the needs of cotton and cloths will increase that earlier. Because staying home for a period of time was not normal life for anyone. So while the lockdown over, people started purchasing and upgrading their closet with new cloths. Many celebrations were held due to COVID 19. So as soon as the lockdown over, people started shopping. So needs of cloths gone unbelievably high, and higher cotton needs had impact with cotton crisis in the market!
Therefore, cotton supply reduced drastically and impact on fabric price gone up nearly with double. Brands had to pay 20-30% higher FOB. Total supply chain including freight cost gone up. Altogether retailer had to face higher price hike. Interestingly even with bigger price hike many of the company’s sales crossed their last 10 years’ record.
On the other hand, USA business moved to Bangladesh. So suddenly USA business volume made a history. We consider this situation as unstable period which is not sustainable! But for the 1st time Bangladesh earned 43 billion dollars within 10 months from RMG sector and we still have 2 more months to go to see yearly turnover from the sector.
Today, the tag “Made in Bangladesh” is being retailed in 167 countries across the globe with pride. Through the committed efforts and investments in the past few years, Bangladesh is now considered to be one of the safest apparel manufacturing countries worldwide.
Our factories are not only safer now, but also have become more dynamic, modern, energy-efficient and environment-friendly. Bangladesh is the home to the most LEED green factories in the world. We now have 160 LEED green factories (Certified by USGBC) Around 500 factories are in the pipeline to get their certification.
Besides, we need to keep this in our mind that, golden time never last forever. So we have to have a strategic plan to keep the sustainable future business. Many times we showed the world that we are united, this is again the time to show our strength of unity. Because unity is important in both good or bad time. This is the golden time for BD RMG sector, if we have a strategic business plan thinking the future of the RMG sector, then we will be able to continue this industry in a sustainable way and we will be able to secure our future for next generation.
