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Bangladesh Textile Industry Growth and Prospects to 2024

Author: Site Editor     Publish Time: 2024-04-23      Origin: Site


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Bangladesh Textile Industry Growth and Prospects to 2024

The textile industry in Bangladesh has undergone a transformative journey over the past few decades, establishing itself as a key player in the global textile market. From humble beginnings, the nation has evolved into a major hub for textile manufacturing, contributing significantly to its economic growth and providing employment opportunities for millions.

Historical Context:

Bangladesh's textile industry traces its roots back to the early years of the country's independence in 1971. Initially, the industry faced challenges such as outdated technology, limited infrastructure, and insufficient capital. However, with a determined workforce and strategic government initiatives, the sector gradually gained momentum.

Government Initiatives:

The Bangladesh government played a pivotal role in fostering the growth of the textile industry. Policies aimed at attracting foreign investment, providing subsidies, and improving infrastructure were implemented to create a conducive environment for textile businesses. Special economic zones dedicated to the textile sector were established, offering various incentives to investors.

Labor Force and Skill Development:

One of the significant strengths of Bangladesh's textile industry is its abundant and cost-effective labor force. The country has invested in skill development programs to enhance the capabilities of its workforce, ensuring that the industry remains competitive on a global scale. As a result, Bangladesh has become a preferred destination for textile manufacturing.

Export Performance:

The textile industry has become the backbone of Bangladesh's export sector. The country is renowned for producing a wide range of textile products, including garments, fabrics, and home textiles. Major international brands and retailers source their products from Bangladesh due to its competitive pricing and high production capacity.

Sustainability Efforts:

In recent years, there has been a growing emphasis on sustainability within the global textile industry, and Bangladesh has actively embraced this trend. Many textile manufacturers in the country are adopting eco-friendly practices, investing in renewable energy sources, and implementing ethical labor practices. This shift towards sustainability not only aligns with global trends but also enhances the industry's reputation.


Challenges and Future Prospects:

From January to November last year, Bangladesh's clothing exports amounted to US$42.83 billion, a slight increase of 4.35% year-on-year, and the growth rate was unusually low. Historically, Bangladesh's garment industry has maintained a sustained growth of 10% over the past decade (excluding the Covid-19 period), contributing to an export market of nearly US$50 billion, accounting for approximately 8% of the global US$700 billion market .

However, the industry faces challenges in 2023, with historic inflation in major markets such as Europe and the United States leading to a slowdown in apparel shipments. Still, local exporters expect a recovery in 2024, driven by a halt to high interest rates in the United States, Bangladesh's main export destination, in the last quarter.

In 2022, the global apparel export market shrank from more than $700 billion to $576 billion. Despite the economic downturn, Bangladesh has increased its market share in the European Union (EU), surpassing China in value and volume to become the leading knitwear exporter.

However, the past year has brought significant challenges to the apparel industry, including labor unrest related to rising wages and ongoing issues arising from the fallout from Covid-19 and Russia’s February 2022 invasion of Ukraine.

Going forward, 2024 is expected to be significant for Bangladesh’s business landscape, with the new government bringing a new vision and addressing global changes and challenges. Garment exporters expect new government facilities to enhance global competitiveness, which coupled with a focus on green growth, will make Bangladesh a global leader in green garment factories.

The 18th Bangladesh Int'l Textile and Garment Machinery Exhibition from February 1-4, 2024. As the largest Textile & Garment industry exhibition in Bangladesh, the exhibition will showcase the latest solutions and technologies. Comprehensive covering equipment and accessories of textile and garment industrial chains, including spinning, weaving, knitting, dyeing, and garment manufacturing segments.

SUNTECH's booth at the DTG exhibition is located at 8-588 and will display the latest upgraded fabric tipping machine and material handling equipment. SUNTECH's current products include the Fabric Relaxing Machine, Smart Inspection & Packing Line, STelego Series Motorized Warp Beam Lift Trolley, and Beam Storage, which are suitable for various fabrics and different stages of textile production processes. The products are exported to more than 120 countries and have a record of successful installation of more than 50,000 machines.

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