Did you know that the knitwear sector is an important contributor to Bangladesh’s foreign exchange earnings? The industry contributed significantly to the global economy as it is now one of the country’s leading export industries. Moreover, the sector is also a major source of employment, particularly for women.
In a very short time, the sector has faced huge challenges with many things. Yet, they solved the availability of raw materials along with other essential problems. Now they are producing the cheapest still highest quality clothes around the world.
Evolution of the Knitwear Industry in Bangladesh
This country has marked a huge imprint that dominates the global apparel industry. Increasing investment results in reducing costs and increasing automation productivity and adding value with efficiency. For instance- supply and chain management functions are now more connected than before. Competent knitwear suppliers in Bangladesh contribute to the fashion industry. The knitting industry of Bangladesh is a significant contributor to the global economy. Here are some key points about its effects:
- The Knit garment sector of Bangladesh is an important source of income for millions of people. That’s why it is the main driving force of the economy. Employing over 1.45 million people in more than 1200 knitwear factories, this sector became the country’s largest employer in the readymade garment sector.
- Bangladesh’s knitwear market is growing even more in the future. The garment industry was facing various challenges due to its poor working conditions and low wages for a very long time. However, overcoming all the difficulties the nation is now well positioned in the apparel sourcing, manufacturing, and supply industry.
As a result, it is meeting the demands of the international market significantly in the global economy.
- Growing consumer demand for affordable, stylish apparel has seen this country grow steadily. As the world’s top garment exporter, Bangladesh exports T-shirts, polo shirts, sweaters, trousers, joggers & shorts to more than 170 countries.
- Bangladesh exports knitwear to many European countries, the USA, India, Singapore, Japan, and many other countries.
- Bangladesh’s government supports this sector with several incentives to encourage investment and growth. It includes preferential duty rates on raw materials, export tax concessions, and export-oriented policies. In addition, improved safety standards and increased scrutiny of the industry are major results of its efforts.
- Moreover, The country has a large pool of skilled labor, inexpensive production costs, and a growing reputation for quality. Hence, Bangladesh is expected to capitalize on its competitive advantages and continue to develop this industry in the coming years.
Despite the challenges, the knitwear industry continues to be a vital part of the Bangladesh economy and an important contributor to the global clothing market. As the desire for casual wear has increased the demand for knitted products, it is expected that this trend will continue. The main reason for the continuous and substantial leg-up of this industry is the country’s low labor cost and favorable export policy. In keeping with the evolution, this industry will develop more than ever in Bangladesh.