The export-oriented RMG sector in Bangladesh started as a small nontraditional export sector in the late 1970s. Within three decades, RMG has transformed itself into the country’s highest revenue-generating sector, contributing 81.2 percent of Bangladesh’s total exports, making Bangladesh the second-largest garment exporter in the world. From spinning to weaving, from knitwear to leisurewear and high street fashions, the textiles and clothing industry designs and produces for the world’s leading brands and retailers. Low-cost and high-quality products that are produced on time; reliably and very competitively with a skilled workforce; unique regional location for expansion into key Asian and other markets; privileged trading status with Canada, the EU, and Japan; clusters of companies providing a local supplier base with depth in skilled labor, training, and technical development facilities provide a favorable advantage for the investors to invest in Bangladesh. Bangladesh exports Apparels worth over US$ 35 Billion to nearly 120 countries.
Despite the Covid-19 pandemic, Bangladesh fetched US$7.14 billion from readymade garment exports to the US in 2021, keeping the market as its single-largest destination. The apparel exports to the US were 36.69 percent or US$1.91 billion higher than the 2020 earnings worth $5.22 billion. The 2021 RMG exports also surpassed the pre-pandemic level of 2019 when Bangladesh earned $5.92 billion. In 2021, Bangladesh shipped 2.60 billion square meters of apparel items, up by 37.87 percent from 1.88 billion square meters in the same period of 2020. Currently, the apparel industry is more favorable because of safety improvement and compliance, which boosted global buyers’ confidence to purchase clothing products from Bangladesh, besides, the sector went on a massive machinery upgradation scheme and good quality Yarn, fabric, Trims & Accessory imports; to ensure product quality, and the ability to produce & export value-added goods