RMG sector has always been one of the most significant parts of our economy. Even amid the COVID 19 pandemic, the country’s economy got back on track due to a surge in export of RMG products. This has happened due to the rise in demand for cloth in Europe and American markets.
According to the data of Export Promotion Bureau, Bangladesh (EPB), overall clothing export increased by12.55 percent to US$31456.73 million during July-May period of the fiscal year 2020-21 (FY21) against US$27949.19 million of FY20. During the period from January to May, 2021 apparel exports to the US grew by 15.38 per cent to US$ 2.58 billion, according to the Office of Textiles and Apparel (OTEXA), an affiliate of the US Department of Commerce.
We need to diversify our export basket
for sustainable economic growth
We know that our government provided many low interest loans and other stimulus packages for the RMG exporters amid the pandemic and lockdown. The government's time-befitting initiative to support the factory owners for paying the workers’ wages and paying for other production costs really helped them survive and bounce back amid the pandemic. Such support should be constantly be provided to the factory owners so that they can play a major role in sustaining our economy.
We need to diversify our export basket for sustainable economic growth. We know the fact that RMG will remain a major source of export in the coming days. Therefore, we should try to diversify this sector for the country’s overall economic development.
