DHAKA: The garment manufacturing sector in Bangladesh has a new slogan, “$50 billion by 2021.” It’s an ambitious vision to reach $50bn in exports by 2021, the 50th anniversary of the Republic of Bangladesh.
In December, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Brand Forum Bangladesh held a summit to develop a “collaborative and coordinated approach” to achieving this goal. Bangladeshi government and industry leaders are determined, and international partners, including the US government, have pledged to support their ambition.
Today the Bangladeshi garment industry is worth $25bn. The NYU Stern Center for Business and Human Rights looked at recent export data and industry trends to assess whether the industry could double in the next six years.
To make the $50bn target, Bangladesh will have to grow exports by 10.9% annually (assuming they can reach their projections this year). Over the past six years the garment industry has grown by an average of 13.9% annually – which makes $50bn by 2021 seem within reach.
The average growth rate of 13.9% over the last six years is skewed by a 43% jump in garment exports between 2010 and 2011 – a jump we’re unlikely to see again. Excluding that year, export growth averaged just 8.8% during the other five years. Looking forward, a more accurate annual estimate might be somewhat lower than 13.9%.
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