Exports of Bangladesh’s ready-made garments (RMG) have more than doubled in the last 10 years due to various government incentives, facilities, energetic entrepreneurs and cheap labor. According to the EPB data, in the two quarters (July-December) of the current financial year 2022-23, the export of ready-made garments was 22.997 billion dollars. 84.20 percent of the six-month total export income of 27.311 billion dollars.
Ten years ago, during the July-December six months of the 2012-13 financial year, the export revenue of ready-made garments was 79 percent or 9.947 billion dollars. At that time the total export income was 12.600 billion dollars.
The export income of ready-made garments is increasing every year. According to the data, in the fiscal year 2021-2, out of the total export income of 52.83 billion dollars, 42.613 billion dollars was made from ready-made garments. Ten years ago in the fiscal year 2011-12, out of the total export earnings of 24.302 billion dollars, readymade garments accounted for 19.90 billion dollars.
Exports of ready-made garments have increased every year due to the indomitable spirit and skill of the entrepreneurs of the ready-made garment industry, cheap labor and state patronage. As a result, the garment industry has become a major foreign earning sector for the country.
The garment industry also provides employment to a large number of people. The garment industry has become a significant employment sector for people in rural and urban poverty-stricken areas. The woman who used to be the burden of the family has now become one of the hands of foreign income.
According to the stakeholders, the continuous progress of this sector is due to the concentration and innovative minds of the entrepreneurs of the ready-made garment industry. Besides, the government’s policy support has played an important role in the development of the garment industry and has given the courage to overcome each obstacle and move forward.
The industry has successfully overcome the crisis caused by the ban on child labor, the removal of quotas in the US market and the Rana Plaza collapse. All these crises and adversities gave the industry strength to move forward. Currently, Bangladesh has the highest number of eco-friendly clothing and textile mills in any other country in the world.