Interviews
Apparel exports create new milestones in 2007-08
27 Aug '08
4 min read
The Bangladesh garment industry has achieved an appreciable level of self sufficiency, in its raw material requirements. Due to the rapid investments made in the downstream sectors, the knitwear sub-sector obtains 80 percent raw materials from the domestic market while woven sub-sector is able to source 40 percent of its requirements.
This has resulted in a massive savings in outgo of valuable foreign exchange which otherwise would have to be spent in importing of raw materials.
The growth of the garment industry in the economy has no doubt filled up the space left vacant by the once effervescent jute industry. But the continuous labour unrest and labour shortages could prove to be a dampener in its goal of reaching a target of $25 billion by 2010.
Infact at a recent meeting organised by the labour commissioner with members of the Bangladesh Garment Manufacturers Association to bring out a solution to the ever-growing labour unrest, it was suggested that strong motivational role of the owners, creating a sense of belonging among workers, timely intervention of management in case of agitation, would surely bring about a positive change.
In the coming months the garment sector also may not have the same global competitive advantages it has enjoyed in the last few months. The Chinese government has recently raised the tax rebate availed by exporters from 11 to 13 percent.
The Indian rupee has also seen a downtrend against the US dollar in the last few months and is showing signs of stability. The exporters will have do a lot more to retain the edge that helped the sector post record figures.
Click here to view detailed statistics
This has resulted in a massive savings in outgo of valuable foreign exchange which otherwise would have to be spent in importing of raw materials.
The growth of the garment industry in the economy has no doubt filled up the space left vacant by the once effervescent jute industry. But the continuous labour unrest and labour shortages could prove to be a dampener in its goal of reaching a target of $25 billion by 2010.
Infact at a recent meeting organised by the labour commissioner with members of the Bangladesh Garment Manufacturers Association to bring out a solution to the ever-growing labour unrest, it was suggested that strong motivational role of the owners, creating a sense of belonging among workers, timely intervention of management in case of agitation, would surely bring about a positive change.
In the coming months the garment sector also may not have the same global competitive advantages it has enjoyed in the last few months. The Chinese government has recently raised the tax rebate availed by exporters from 11 to 13 percent.
The Indian rupee has also seen a downtrend against the US dollar in the last few months and is showing signs of stability. The exporters will have do a lot more to retain the edge that helped the sector post record figures.
Click here to view detailed statistics
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