Bangladesh cannot export $50 billion worth apparel products by 2021 because of low valuation and declining global trade, according to Rubana Huq, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), who recently said the country should concentrate more on value addition instead of setting export target numbers.
Huq was addressing a programme on the resilience of the readymade garments (RMG) sector’s supply chain organised by the Planning Commission.
The target was set in 2014, just a year after the Rana Plaza collapse, but the world market is now declining due to fall in trade and consumption, according to Bangla media reports.
She said RMG’s contribution to the gross domestic product (GDP) is only 11 per cent, which clearly indicates that there is very little value addition. The sector was experiencing a bad time as exports had witnessed negative growth of over 6 per cent in the past five months of this fiscal.
Fibre2Fashion News Desk (DS)