Textile industry in Bangladesh has undergone a lot of changes since its inception. Initially part of India, Bangladesh was formerly a part of province of Bengal. It was known as East Bangladesh which was divided into 2 parts in the year 1905. The primary crop production was Jute and Tea owing to its heavy rainfall climate. Bangladesh was largest manufacturer and supplier of Jute in the world. But due to constant floods and the reduction in the prices of Jute fiber, its production deteriorated eventually.
After the downfall of Jute industry, it became a question as to what would be the next step. Post 1971, after the inception of the country, it was a disputed question as to what would be the source of trade. During the 1990s Bangladesh became the largest exporter of readymade garments around the world.
The biggest markets of the world such as US and EU relied on Bangladesh for the production of RMG. The lion's share in textile market of Bangladesh was through readymade garments as it constituted roughly around 80% of the total economy and trade in the nation.
Bangladesh exported around $5.36 bn worth of apparels and garments and $3.36 bn worth of knitwear globally. Textile and garment sector in Bangladesh alone provides employment to 80% of the total 5 million workforces. The trade reports suggest that Bangladesh is the second largest exporter of apparels and garments in the world.
The textile sector of Bangladesh also is heavily dependent on the assembling of the readymade garments for the majority of US market and the nations of EU in significant numbers. Bangladesh textile market was previously controlled by the British merchants who restricted the import of Bangladeshi cotton in England where they purchased raw material in large quantities and then processed it in England and finally at exorbitant rates, it was sold off in the entire nation. Thereafter the local investors took over the textile market and the foreign investors only controlled 5% stake in the textile market of Bangladesh.
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At present, around 81% of the textile market consists of readymade garments sector which exports its maximum finished product to European Union nations which amounts to 61% of the total RMG market. The sector of job work done is also depicts the biased inclination of leading global players to Bangladesh due to large population and lower labor cost. The rising labor charges in china have opened up a vast amount of opportunities in the textile industry of Bangladesh and it generated around $31.2 bn through exports. It is interesting to note that Bangladesh emerged as one of the most promising Textile markets in the world due to the rising labor costs in Orient and the heavy consumption of the indigenous produce in other nations, Bangladesh is believed to be the next China in process offering the competent and economic rates to promote and develop the textile industry in process.
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