Bangladesh’s textile and garment industry bucks the trend and achieves new success
In 2021, Bangladesh’s ready-made garment exports experienced a reversal of growth compared to 2020 in both volume and value, totaling US$35.57 billion, an increase of 29.4% from US$27.47 billion in 2020, of which The export volume of knitwear is larger than that of plain fabrics. Industry analysis is mainly attributed to the shift in orders caused by the epidemic in China, Vietnam, Cambodia, Myanmar, etc., and the effect that winter and Christmas orders must be shipped before the new variant of COVID-19 virus Omicron takes hold. The monthly export volume starting from September All are above US$3 billion. According to the Garment Association, the aforementioned increase in orders is even about 15-20% higher than that in 2019, sweeping away the gloom at the end of 2020. The two major export markets are the United States, which accounts for 24%, and Europe, which accounts for 64%.
In 2021, problems such as insufficient container supply, delayed delivery of imported raw materials, rising prices of foreign textile raw materials, and rising freight costs will still exist, and another issue will emerge. The problem is that the country’s domestic natural gas supply is insufficient and supply pressure has been reduced, causing operational pressure on midstream and upstream producers.
Compared with garment processing, the spinning industry has also grown significantly. 26 new factories have been invested in 2021, and the total investment has set a single-year record of 60 billion taka. (Taka 85 per US dollar). On the other hand, the dyeing and finishing industry has not seen any new factories in 2021 due to high technical demand, insufficient talents and large investment amounts. The country currently has 70 large-scale dyeing and finishing factories, and the market size of dyes, caustic soda and other related chemicals is approximately US$900 million, with an annual growth rate of 30%.
More than 1,800 garment accessories and packaging industries can provide 90% of local demand, currently such as plastic bags, hangers, elastic bands, buttons, button labels, collar racks , labels, corrugated boxes, zippers, tags, back panels, neck panels, sutures, (resin/cloth) tapes, embroidery, padding, tack seams, etc. can all be supplied locally. According to the Garment Accessories and Packaging Manufacturers and Exporters Association, the export revenue of this industry is not included in the government’s export statistics. The association estimates that its scale accounts for about 20% of the garment export value.
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