Bangladesh RMG Exports To Cross US$ 60 Billion By 2021

Market News

Bangladesh RMG Exports To Cross US$ 60 Billion By 2021

The Bangladesh textile industry expects readymade garments (RMG) exports to cross the US$ 60 billion mark by the year 2021, according to Bangladesh Commerce Minister Tofail Ahmed who spoke at the opening ceremony of the international trade shows on RMG sourcing in Dhaka recently.

"When the current government assumed office the export earning stood at US$ 14 billion. Right now it has peaked to US$ 34.2 billion in the previous financial year. The current trend is very likely to continue and our export nettings would exceed US$ 60 billion by the year 2021," he elaborated.

"The RMG sector has been the main foreign exchange earner for Bangladesh and it accounts for nearly 82% of the foreign exchange earnings. Now that the RMG sector has overcome the difficulties it was facing it has the potential to go a long way," said Tofail.

"More than 30 products of packaging and accessories sector are required for RMG and formerly, those were imported from abroad. Now the packaging and accessories products are being exported after meeting local demand. The export of this sector would stand at US$ 18 billion from the existing US$ 6.12 billion," he added.

Some 400 exhibitors from Bangladesh, China, India, Turkey, Sri Lanka, Italy, Singapore, Japan, Germany, USA, UK, Vietnam, Taiwan, Hong Kong, South Korea, Malaysia, Switzerland, Canada, Sweden, Finland, Spain, Thailand, France, and Colombia are participating in the exhibitions, being held to showcase the technology solutions related to productivity, safety, compliance, efficiency, value addition, product diversification, fabric sourcing and packaging solutions for the RMG sector.