Nabil Bin Faruk, Director, Arunima Group
Introduction
The apparel industry in Bangladesh is a significant contributor to the country’s economy. It employs millions of people and accounts for a large percentage of the country’s exports. In 2023, the apparel industry in Bangladesh will be facing some major changes.
Thanks to advances in technology and the rise of 3D printing, it is now possible to create ready-made garments using a process called “additive manufacturing”. This means that clothes can be printed using a 3D printer, without the need for traditional cutting and sewing.
This revolutionary new technology will have a major impact on the face of the apparel industry in 2023. It will enable brands and retailers to produce garments on demand, without the need for large factories and hundreds of workers.
It remains to be seen how this will impact Bangladesh’s economy, but it is sure to significantly impact how clothes are manufactured and sold.
Overview of Bangladesh’s Apparel Industry Today
Garments account for more than 80% of Bangladesh’s export revenue.
Bangladesh’s ready-made garments (RMG) industry is one of the largest in the world, accounting for more than 80% of the country’s export revenue. The industry employs more than 4 million people and is the single largest contributor to Bangladesh’s GDP.
The RMG industry has been a major driver of economic growth in Bangladesh, and it has helped to reduce poverty and raise living standards. However, the industry is facing a number of challenges, which could have a negative impact on its growth in the future.
Global Demand for Bangladeshi Apparel Exports
In 2023, the global demand for Bangladeshi apparel exports will have changed significantly.
Bangladesh has long been a leading supplier of ready-made garments (RMG) to the international market. However, the demand for Bangladeshi apparel is expected to decline in 2023. This is due to a number of factors, including the increasing popularity of made-to-order garments and the rise of Bangladesh’s competitors in the industry.
As a result, Bangladesh will need to adapt its production methods and focus on new markets if it is to remain competitive in the global apparel market.
The Role of Technology in the Apparel Industry
By 2023, the apparel industry will be largely mechanised, and the position in Bangladesh can be lifted as a leading exporter of ready-made garments, by adopting various modern technologies.
The use of technology in the apparel industry has revolutionised the way clothes are designed, produced, and sold. With the advent of 3D printing and other rapid prototyping technologies, clothes can now be designed and produced with unprecedented speed and accuracy.
Bangladesh has emerged as the leading exporter of ready-made garments in large part due to its low labor costs. However, as machines take over more and more of the tasks that were once done by human workers, the importance of low labor costs will diminish.
In 2023, we can expect to see a largely mechanised apparel industry, with Bangladesh at the forefront.
Challenges Facing the Readymade Garment Sector in Bangladesh
Bangladesh has a lot of work to do if it wants to become a leader in the ready-made garment industry by 2023. Firstly, the country needs to develop better infrastructure and provide access to more resources.
Given its location, Bangladesh is at risk of increased competition from China and other Asian countries. If Bangladesh hopes to remain competitive, it must invest in technological advancements that can improve productivity and efficiency. Furthermore, the country must focus on improving quality control measures in order to reduce defective products.
Finally, there must be stronger labor laws that protect workers’ rights and enforce fair wages and reasonable working hours. Such measures are necessary if Bangladesh is to become a reliable player in the global apparel market by 2023.
Opportunities for Employment and Growth in the Ready-Made Garment Sector in Bangladesh
You may be wondering what opportunities this sector will bring for Bangladesh in 2023. The ready-made garment industry is already one of the largest employers in Bangladesh, providing jobs and economic stability to thousands of people. With more investment and technological advancement, this sector could provide even more employment and economic growth over the next few years.
The industry has already seen tremendous success in terms of exports and production capabilities. As more foreign companies invest in the Bangladeshi apparel industry, it will create even more job opportunities for local workers, allowing them to earn a stable income and contribute to their country’s overall economic development. This will also lead to improved quality of life in Bangladesh as the employment rate increases.
What Will the Apparel Industry Look Like in 2023?
In 2023, the face of the apparel industry will look drastically different. The changing landscape of the sector will mean more opportunities for Bangladeshi garment manufacturers to take advantage of. With the growth of automation, there will be an increased demand for locally sourced fabrics and materials, allowing Bangladesh to further solidify its status as a leading producer and supplier of ready-made garments. Additionally, better technology and improved sustainability practices will lead to collaborations between local producers, global retailers, and tech giants to create better products and services. All in all, Bangladesh is set to be well-positioned in 2023 with a thriving apparel industry at its disposal.
Conclusion
What will the apparel industry look like in 2023? That’s a question that’s difficult to answer with any certainty, but we can make some educated guesses. For starters, it’s likely that Bangladesh will continue to be a leading exporter of ready-made garments to the United States and Europe. Employment in the industry is expected to stay strong, and Bangladesh will likely remain one of the lowest-cost producers of garments in the world.
