Bangladesh is one of the largest knitwear exporters in the world. According to a statistic of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh exports 7.78 billion pieces of knitted items such as shirts, sweaters, etc. in a year. This country has a golden history of this sector. In the ancient age, Bangladesh produced Dhaka Muslin, which was very popular in the whole Indian subcontinent.
Knitwear exporters and knit garments are too good in this country. At the same time, it’s a must say that their knit designs are so unique. Do you want to know about the current scenario of Bangladesh knitwear? If the answer is yes, you have come to the best place. In this article, you will meet a detailed discussion about the Bangladesh Knitwear exporters and manufacturer scenario. We hope that this article will be very much informative for you.
Contribution of Knitwear Exporters and knit garments to the economy of Bangladesh
Bangladesh produces a lot of knit garments items and exports it in the whole world. As a result, there have a huge number of knit garment industries here. In Bangladesh, these knit garments industries are the manufacturer of different designs of Knitwear, and at the same time, they are the exporters of that Knitwear.
Their contributions to the economy of Bangladesh is undeniable. So, if we want to talk about the scenario of this knitwear sector, we must mention their contribution to Bangladesh’s economy. Here some significant current contributions of knitwear exporters and manufacturers to the economy of Bangladesh are given below:
Earning Foreign Exchange
In the 2019-20 fiscal year, the total earning knitwear exporters and manufacturers is 16.88 billion dollars. In the total amount of major export, the knitwear product is around forty per cent. So, we can say that forty per cent of foreign earnings come from the knitwear sector, and total credit goes to the knitwear exporters and knit garments.
In garments industries, 86% of workers are women. Women are mostly dependent on men financially. This knit garment owners and knitwear exporters make them self-dependent financial. So, if we want to talk about women empowerment, first credit goes to these people. Nowadays, a lot of women working in different knit garments and maintaining their own families.
This sector employs a lot of poor and helpless people now. They are getting a lot of facilities from the garments they are working in. This sector has created a huge job opportunity. For conducting a garment, it needs 20 to 50 thousand workers.
Improvement in the Health Sector
A few years ago, many people died for not getting the required treatment. Now the situation is changed. Poverty is now only in name. This sector gave a huge number of unemployed people a chance to earn, and their purchasing power is increased. That is why they are taking different types of medical services from hospitals.
Improving Purchasing Power
The knitwear sector is maintaining the socio-economic balance to the country. Millions of garment labourers are running their family by earning money from this industry. Their money brings stability to their social life and improves their purchasing power.
Once the purchasing power has improved, their lifestyle is changing, and it is growing. They are also investing their hard-earned money to other small businesses, and it is participating in the improvement of the country’s economy directly.
Knitwear industry surely impacting the social life of those people involved with it. They are earning foreign remittance and spending it in local currency that improves their moral understanding. They can socially proclaim themselves that they are directly working on the improvement of the economy of the nation. Money can improve social lifestyle, better clothing, better education, better food can improve their social position.
We all know that those garment labourers are coming from the lower part of our society, and once their financial condition improves, they can enter the upper level of society. However, these are not going to change overnight, it will take time, but the process has started long ago.
Every year, many industrialists are entering this industry and building new Knit garments. It opens hundreds of opportunities to the country’s economy. Among those opening, it creates a new employment facility.
Thousands of people can get a job and free their family from financial imbalance. We are the third world country; the garment industry is our primary source of achieving remittance, and it is the largest financial source of our country.
In our country, the employment problem is huge, even in this 21st century. The garment industry is supporting by reducing most of the unemployment problem.
Challenges for knitwear exporters and knit garments
This developed and top-ranked sector of the Bangladesh economy also has some challenges. Here we are giving you some crucial challenges for the knitwear exporters and manufacturers. These are as follows:
- Lack of new technology-oriented production system and machinery
- The higher interest rate for a bank loan and insurance policy
- The higher cost of utility and natural gas
- Lack of expert knitwear design team
- Lack of forecasting and analysis of taking orders
- Lack of workers safety
- Political Crisis
- Don’t have any ability to go with the flow of product diversification and short lead time
- High making or production cost
- Internal competition of knit fabric
- The offer of a lower price from the global retailer just because of the grading system
- Lack of producing the knit fabric of different verity
- Lower salary and long working hour
- Dependency on some specific buyers and countries
Garments products are divided into two sections. The first one is woven, and the second one is knitted. So, we can understand that Knitwear is a part of the garments industry. This part is very significant for the garments industry and, ultimately, for the economy. The artisans of this substantial part are the exporters and manufacturers.
Here in this article, we have conducted a detailed discussion about Bangladesh knitwear exporters and manufacturers scenario. We tried to discuss everything regarding this topic, including knitwear exporters, knit garments, and knitwear designs. We hope that you will find everything you want in this article.