For this year Bangladesh may fix a target of a 7.03 per cent growth in apparel export earnings. Earnings from knitwear exports are expected to grow 9.92 per cent and earnings from woven products are expected to grow 7.15 per cent. The target has been proposed considering the world economic outlook, policy changes at important export destinations, stakeholder feedback, supply chain capacity, changes in exchange rates, and global business trends. Already Bangladesh’s exports to the US market have increased.

But there are challenges. Bangladesh has to attract investment from China and capture work orders from global apparel buyers, who are relocating from China. There is also a need for new market exploration, product diversification and a shift to value-added products to grab a bigger market share.

Apparel contribute 84 per cent to the country’s total export earnings. Bangladesh has already witnessed double-digit growth during the July-May period of the current fiscal year. The capacity of the country’s garment sector has increased. The inspection by Accord and Alliance has helped remediate factories and prompted factory owners to emphasise workplace safety, which has eventually lifted the country’s image in the eyes of foreign buyers. Of the top ten green garment factories in the world, seven are located in Bangladesh.