Bangladesh’s garment exports in 2021 will show reversal growth compared to 2020 in terms of quantity and value, totaling US$35.81 billion, an increase of 30.3% from US$27.47 billion in 2020. Industry analysis mainly attributes this to the shift in orders caused by the epidemic in China, Vietnam, Cambodia, Myanmar, etc., as well as the effect of winter and Christmas orders being shipped before the new coronavirus variant Omicron spreads. The export value has been high every month since September. at US$3 billion. According to the Garment Association, the aforementioned order increase is even about 15-20% higher than that in 2019, sweeping away the gloom at the end of 2020. The two major export markets are the United States, which accounts for 20.3%, and Europe, which accounts for 60.7%. In addition to the aforementioned markets, Japan, Australia, Russia, and India are major emerging markets.
In 2021, problems such as insufficient container supply, delayed delivery of imported raw materials, rising prices of foreign textile raw materials, and rising freight costs will still exist, and another problem will emerge. The problem is that the country’s domestic natural gas supply is insufficient and supply pressure has been reduced, causing operational pressure on midstream and upstream producers.
Compared with garment processing, the spinning industry has also grown significantly. 26 new factories have been invested in 2021, and the total investment has set a single-year record of 60 billion taka. (Taka 85 per US dollar). On the other hand, the dyeing and finishing industry has not seen any new factories in 2021 due to high technical demand, insufficient talents and large amounts of investment. The country currently has 70 large-scale dyeing and finishing factories, and the market size of dyes, caustic soda and other related chemicals is approximately US$900 million, with an annual growth rate of 30%.
More than 1,800 garment accessories and packaging industries can provide 90% of local demand, currently such as plastic bags, hangers, elastic bands, buttons, button labels, and collars Frames, labels, corrugated boxes, zippers, hang tags, back panels, neck panels, stitching, (resin/cloth) tape, embroidery, padding, tack seams, etc. can all be supplied locally. According to the Garment Accessories and Packaging Manufacturers and Exporters Association, the export revenue of this industry is not included in the government’s export statistics. The association estimates that its scale accounts for approximately 20% of the garment export value.
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