As the largest and most renowned manufacturing sector and GDP contributor in the country, the readymade garment (RMG) industry in Bangladesh has been increasing its presence in the global market. Details on the growing readymade garment sector in Bangladesh and the top garment manufacturers in the country are some of this week's featured stories on BizVibe. BizVibe is the world's smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
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Overview of the readymade garment industry in Bangladesh. (Graphic: Business Wire)
RMG industry in Bangladesh Expects Higher Exports in 2017
Bangladesh's position as the world's second largest readymade garment exporter continues to hold strong. The latest figure shows that the garment industry in Bangladesh generated USD 28.09 billion in exports in the fiscal year 2015-16 with a 10.21% growth from the previous year. The growth was mainly attributed to political calmness during the year, increased productivity, entrepreneurs' resilience and improvement of workers' safety standards in factories.
Readymade garments exported from Bangladesh currently represent around 6% of the global clothing market. Bangladesh surpassed India to become the world's second largest exporter in 2003. It is expected that Bangladesh will continue to strengthen its position as the world's leading readymade garment exporting country in near future.
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Bangladesh Emerges as Leading Denim Manufacturing Hub
The denim manufacturing industry in Bangladesh is becoming one of the largest in the world, generating over USD 2 billion export value every year. Due to the increasing demand of denim fabrics both domestically and internationally, Bangladesh aims to further strengthen its leading position in the global denim market, and is hoping to increase its share to 10.8% in the global market by 2021.
Bangladesh is now already the largest denim supplier in the EU market with market share of 23%, and the third largest denim exporter to the US, after Mexico and China, with an 11.3% share. The total investment in Bangladesh's denim sector has surpassed USD 900 million since 2015.
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Bangladesh's Top Garment Manufacturers
The readymade garments industry in Bangladesh generates about USD 30 billion export value every year, making it one of the top garment producing countries in the world. Ha-Meem Group, Beximco Fashions Ltd, and Square Fashions Ltd are among the top 10 garment manufacturers in Bangladesh, competing with many other strong players in a diverse and competitive market.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170325005016/en/
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