Just-concluded FY data shows apparel exports are on road to recovery registered 12.5 percent year-on-year growth, fetching $31.45 billion in the 2020-21 fiscal year. Many apparel manufacturers are now overwhelmed with export orders, which they will not be able to complete in time by using their current capacity that led many textile and apparel millers to invest in expanding current production capacity. Cotton yarn price is very high which also encourages spinners to expand capacity.
Here I want to say, we should not invest from guts feeling rather we should do the proper business analysis and then take the decision. Positive sign is many orders are shifting from China and Myanmar to Bangladesh. Vietnam also taking advantage as they are near to China and many Chinese investments are there.
Still, I’m hopeful and seeing Bangladesh is the next China! If we see the last 10-15 years of development of the Bangladesh textile & apparel industry, it is tremendous. Most of the green factories are now in Bangladesh. Fire safety, energy-efficient, water-efficient, recycle, reuse, etc are now common practices here.
Over the past few years, we have developed our expertise in non-cotton products, fancy products, etc. Now it is time to boom! We are using top-notch technologies in the textile and apparel sector. About new and efficient technology adoption, I see all the owners are very positive in Bangladesh.
So, I would say it’s just a matter of time now to astound the world with our quality, commitment, efficiency, and ability. This is why right now buyers are happy with us and seeing Bangladesh as the competitive sourcing option for the long term.