Bangladesh’s textile and garment industry is a major contributor to the country’s economy, and it is a vital player in the global textile and apparel market. In the fiscal year 2021-2022, Bangladesh exported garments worth US $42.613 billion, making it the second-largest apparel exporter in the world (Export Promotion Bureau data).
In addition, the garment industry is also a significant source of employment and income for Bangladesh, with more than 4 million people (about twice the population of New Mexico) working in the sector.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) reported that in the first eight months of 2022, BD ready-made garment (RMG) exports totaled $29.825 billion, up by 38.39% compared to the same period in the previous year.
The United States is the largest export destination for Bangladeshi garments, accounting for around 21.50% of total exports. The European Union (namely Spain, Germany, Italy, France, Belgium and Netherlands) is the second-largest export destination for BD apparel, followed by UK and Canada.
Here are 10 key statistics about Bangladesh’s garment industry:
- In 2021-2022, Bangladesh RMG exports reached $42.613 billion.
- RMG exports saw a 35.47% year-on-year growth in the fiscal year of 2021-22.
- Bangladesh is the second-largest cotton yarn exporter worldwide.
- Knitwear is the largest export contributor at 41.8% in Bangladesh’s national export earnings.
- Bangladesh is the world’s fifth-largest exporter of home textiles crossing $1 billion in 2020-21.
- Bangladesh’s textile and garment industry employs around 4.4 million people, mostly women.
- In 2021, Bangladesh’s textile and garment industry attracted $3.5 billion in foreign direct investment
- Bangladesh’s garment exports to India surged 69.58% to $715.41 million in 2021-2022.
- BD garment manufacturers aim to hit $100 billion in export earnings by 2030 (BGMEA).
- DTG is the largest garment machinery, home textile and accessories expo in Bangladesh.
Bangladesh’s textile and garment industry is forecasted to continue growing, and it is expected to account for more than 10% of the global market by 2025, according to BGMEA. The industry is also set to benefit from the ongoing shift in global sourcing patterns as more and more countries look to diversify their supply chains.
As per Sri Lankan financial services firm CAL Bangladesh, Bangladesh’s apparel sector will see a short-term dip in 2023 but a strong rebound is expected in 2024 which will help the sector’s exports reach US $56 billion by 2026.