Bangladesh’s apparel export is reeling under pressure due to continuous strikes and a rise in transportation costs. However, exploring new horizons, the RMG sector is now making inroads in non-traditional markets such as China and South America. This has pushed up growth by over a third in the last year. Exports to Turkey alone more than doubled to over 335 million dollars.
The Export Promotion Bureau reported a rise in apparel exports for the July to November 2013 period, compared to the same period last year. The industry believes that since competition remains intense from rival countries, such resilience is required to grow during tough times. Experts feel that the progress made on the minimum wage last year and in developing safety initiatives supported by major buyers and unions in the aftermath of Rana Plaza are all signs of widespread stakeholder support for the industry in Bangladesh.
It has become important for the RMG industry to invest in innovations and creativity while nurturing new markets along with building on its strengths with longer established customers, in order to ensure sustainable growth and to create new jobs in the sector.
