Growth in Bangladesh Knitwear Sector
Source Textile Reads22-08-19
exports shipment of knitwear goods posted an 11.19% growth to $16.88
billion in the fiscal year 2019-20, thanks to strong backward linkage
to the Export Promotion Bureau data, readymade garment (RMG) sector
earned $34.13 billion, up by 11.49%, which was $30.61 billion in the
previous fiscal year.
the $34.13 billion, Knitwear products fetched $16.88 billion, which
is 11.19% higher compared to $15.18 billion in the last fiscal year.
items earned $17.24 billion, registering an 11.79% growth, which was
$15.42 billion a year ago.
the total apparel exports showed a double digit’s growth and as a
part of the clothing sector, knitwear export earnings also registered
per BTMA, there are 430 yarn manufacturing mills, 802 textile mills,
and 244 dyeing-printing finishing mills in Bangladesh, along with 32
denim fabric manufacturing mills and 22 home textile manufacturing
local manufacturers are capable of supplying 85% of yarn and fabric,
along with 40% of woven fabric, required by the knitwear sector.
per the EPB data, in the fiscal year, Bangladesh’s exports of
knitwear goods to new markets rose by 20.68% to $2.88 billion, which
was $2.39 billion.
the other hand, knitwear products exports to Canada also registered a
sharp rise by 28.50% to $528 million, which was $411 million a year
the other hand, economists have opined the US-China trade war, and
the good performance of apparel exports in non-traditional markets
acted as a catalyst for the rise in apparel export.
a sourcing destination for apparel goods, Bangladesh is safer than
what was in the past. This is only because of the safety improvement
and compliance, which boosted global buyers’ confidence to buy
clothing products from us,” Mohammad Hatem, Managing Director of MB
Knit Fashion Ltd .
the other hand, Bangladesh is very strong in the backward linkage
industry for the knitwear sector, which helps makers to ship goods
within a shorter time span. As a result, global retailers chosen
Bangladesh to buy goods from here said Hatem, also a former vice
president of Bangladesh Knitwear Manufacturers and Exporters
addition, Bangladesh offers quality products at a reasonable price to
the retailers, he added.
top of that, manufacturers moved for new market explorations, and
product diversification, which altogether pushed the export earnings
up, said Hatem.
economists have said the US-China tariff war opened an opportunity
for Bangladesh as the global buyers shifted orders from China to
Bangladesh, which pushed export earnings including knitwear goods up.
H Mansur, Executive Director of Policy Research Institute (PRI) said:
is a spillover effect of US-China trade war, which helped Bangladesh
to grab more work orders from Chine relocation,”.
former caretaker government adviser AB Mirza Azizul Islam said “Since
Bangladesh has strong backward linkage for knitwear goods, it is high
time for manufacturers to concentrate on higher value-added goods to
earn a better price,”.
doing so, the makers have to introduce the latest technology and
increase investment in research and innovation, said the economist.
is the single largest export destination for Bangladeshi knitwear
products. In the last fiscal year, Bangladesh earned $3.30 billion
exporting knitwear goods, which was $3.22 billion.
United Kingdom, the second-largest export markets, imported goods
worth $2.02 billion, which was $1.89 in the previous year.
US, the single largest export markets for Bangladesh RMG goods,
imported knitwear products of $1.51 billion, which was $1.37 in the
the non-traditional export markets, Japan is a promising market for
Bangladeshi knitwear products, which imported goods of $603.71
million, which was $444.80 million a year ago.
Russia is the second largest in the non-traditional market category
with an import of $293 million, which was $261 million.
a South Asian market, India is a very potential market, which
imported knitwear products of $130 million compared to the previous