Bangladesh’s garment industry has a lack of diversification while to compete with the fast fashion arena, the country needs to diversify its products, according to the experts.
About 73 per cent of our total exports are concentrated on five basic items.
Around 74.14 per cent of our exports are concentrated on cotton while 80.67 per cent of these shipments go to markets in the EU and North America.
In FY 2008-09, Bangladesh’s apparel exports to non-traditional markets was only 6.87 per cent while in FY 2020-21 it reached 16.16 per cent when the country’s export revenue hit $5.08 billion.
The Bangladesh Garment Manufacturers and Exporters Association initiated several scoping missions to Brazil, Mexico and Chile to enter Latin American countries.