Readymade garment industry, the backbone of Bangladesh, accounting for more than 80% of total exports, providing jobs to over 4 million people and contributing significantly towards the GDP, today seems to have hit a stumbling block. After a brilliant show in FY 2018-19 when the industry notched up US $ 34.20 billion in garment exports and the target of US $ 50 billion in apparel exports by 2020 in the horizon, the fear of liquidity crisis is looming large on this industry, and all because of the banking sector of the country. Scarce availability of loans, tightening of lending collateral rules and interest rates going through the roof, have put brakes on the industry’s glorious run.
Also on the decline are women workers in apparel industries as the recent reports reveal. As per two separate surveys conducted by the Bangladesh Bureau of Statistics (BBS), female workers in the RMG sector have declined by 10.68% in last four years.
The ever-growing quest to obtain the perfect figure, has given impetus to a niche market segment – the shapewear garments. According to Statista, The compressionwear and shapewear market was valued at US $ 3,800 million in 2016 and is set to reach a whopping US $ 5,000 million by 2021.