Bangladesh textile industry sets global export record

While the rest of Asia disappointed in terms of export revenue in 2015, there was one surprising anomaly to the pattern-- Bangladesh, reports World Finance.

 

Bangladeshi export earnings rose to $3.2bn last December, thereby setting a new record for the South Asian country. This phenomenal success can be attributed to Bangladesh’s growing apparel industry, which accounted for over 83 percent of December’s figures.

 

As global demand for cheap clothing rises rapidly, Bangladesh’s position as the second biggest exporter in the world continues to hold strong, which is mainly due to its large population and low labor costs.

 

That said, the road ahead is not completely clear for the industry. With the EU being a principle recipient of garments, accounting for 61 percent of exports, there is the continued slowdown of European economies to consider.

 

Yet, even with these challenges ahead, as global trade picks up in the coming years, demand for Bangladeshi garments is also expected to increase, thereby prompting much-needed economic growth for the developing state.