According to a report of Bangladesh’s central bank (Bangladesh Bank), value addition in the country’s apparel manufacturing sector, which remained almost static between 60 per cent and 64 per cent in almost a decade, has hit a new high of 64.98 per cent during the first quarter of the current fiscal year, which is the highest since 2012-13.
This was highlighted in the bank’s report titled ‘Quarterly Review on RMG: July-September FY21’.
Meanwhile, speaking to the media, apparel manufacturers in Bangladesh have, reportedly, opined that the apparel sector has shown its capacity on the back of the strength of the local primary textile — the primary industry has capacity to fulfil around 95 per cent of the demand for knit fabrics, 98 per cent for accessories and about 50 per cent for woven fabrics — and accessories industry.
They further underlined that riding on the supply of local fabrics and accessories, by the end of this fiscal year, value addition will increase further while adding that the readymade garment sector of the country has the potential to increase value addition by up to 80 per cent within a few years.
But for that, they advocated policy changes, which would help bring more investment in man-made fibre, woven textile and chemical production.
