IMPORTANCE OF BANGLADESH TEXTILE INDUSTRY

The importance of textile industry is significantly high in the economy of Bangladesh. There are a number of reasons behind this. A single source of growth is provided in the economy of Bangladesh. Export of textile is one of the principles sources of foreign exchange earnings. Readymade garment can be considered as a catalyst for Bangladesh. Bangladesh has created a textile brand across the planet with a “Made in Bangladesh” tag. Bangladesh is now the 2^nd largest readymade garment exporting country in the world. For this reason, textile industry not only ha importance within the country, it also has significant importance in international textile.

Figure 1: Economical Contribution of Textile in Bangladesh

(Source: https://ordnur.com/wp-content/uploads/2019/02/Major-Economic-Contributions-of-RMG-Sector-in-Bangladesh.png)

When observing the statistics, it can be observed that in the timeframe of 1983-84, only 3% of readymade garments were exported. It has increased significantly in the timeframe of 1992-93 when 60% of readymade garments were exported. When the current timeframe of 2021-22 is considered, it is observed that 82% garments are exported. It is yet to increase nearly 10% in recent 3-4 years. These exports show that a significant part of Bangladesh economy is dependent on the Bangladesh textile industry making it one of the most important industries of the country.

Figure 2: RMG employment in Bangladesh

(Source:https://www.researchgate.net/profile/Al-Amin-Mamun/publication/328487510/figure/fig8/AS:685268524879873@1540392156190/Total-employee-in-RMG-sector-in-Bangladesh-Data-BGMEA.png)

The textile industry of Bangladesh also generates employability in the country. It is observed that 75% of child labour worked in this industry. After the banning of child labour, females have occupied 90% of total employees in this industry. The number of female workers at 1980 was 50000. It has increased to 2.85 million in 2008. Today it is lightly over the 3 million mark. Female workers from rural areas got a chance to earn their own money by working in the industry. It helped them to be financially independent. Although, a low wages is complained by the workers, it is now increased to be a significant wage. In these ways, textile is helping Bangladesh.