Tanbir Hasan (Sanid), Reveree(Fashion Starts Here), Chairman
The Ready-Made Garments (RMG) industry occupies a unique position in the sector of Bangladesh’s economy.More effort needs to be put into dealing with fashion products at the end of their life.The majority of the consumers polled identity sustainability technology with products and brands.This offers companies opportunities to enhance their brands sustainability reputation, and build up an identify and market for shoppers looking for sustainable clothing.
the fiscal year 2023–24, it generated over $47 billion in export earnings, accounting for approximately 84% of Bangladesh’s total exports and contributing around 11% to the country’s GDP. The sector employs more than four million people, predominantly women, and has been instrumental in lifting millions out of poverty while driving social progress, including improved literacy rates and gender empowerment.
The growth trajectory has been remarkable. From humble beginnings in the 1980s, when exports were a mere fraction of today’s figures, the industry has expanded at a compound annual growth rate of about 7% over the past decade.
Bloomberg Economics forecasts a potential decline in monthly exports to around $2 billion in 2025 due to economic headwinds, underscoring the need for resilience.
Bangladesh’s garment industry has come a long way since its inception, evolving into a key player on the global stage. The historical development of the sector reflects the resilience of the country in overcoming economic challenges and leveraging its strengths. As the industry faces ongoing challenges related to labour rights, environmental sustainability, and global economic uncertainties, its future growth prospects hinge on embracing technological advancements, sustainable practices, and diversification strategies.
By addressing the challenges and capitalising on emerging opportunities, Bangladesh’s garment industry can navigate the complexities of a changing world. As the country continues to evolve, the industry’s ability to balance economic growth with social and environmental responsibility will be crucial in shaping its role in the global garment market.
