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Friday, February 23, 2024

Bangladesh garment sector value addition rises five percentage points

As per the latest data released by the Bangladesh Bank, the central bank of Bangladesh, the value addition in the garment industry has increased to 70.78 percent between July and September of fiscal 2024.

As against this, the value addition in fiscal 2023 was 65.97 percent, so the first quarter of the current budgetary year indicates considerable progress in local value addition.

In fact, in the second half of fiscal 2023, ending June 30, 2023, the apparel industry was more robust with more than 71 percent value addition.  

“In the past decade, significant investments were made not only in workplace safety and establishing greener manufacturing facilities, but also in diversified, complex, and value-added items,” said Faruque Hassan, President of Bangladesh Garment Manufacturers & Exporters Association (BGMEA).

“Also, we made considerable advancements in vertical integration, including almost self-sufficiency in accessories, growing textile, dyeing, washing, printing, sequence, applique, embroidery, and other allied industries,” he added.

“As investments rise in the auxiliary industries, it does not only help us substitute import, but it also enhances our competitive advantage as we can save lead time and cost,” the BGMEA President stated.

“The incremental capacity of local value addition gives more flexibility to the buyers, which is important for us as an industry for our long-term viability,” he said. 

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