Export Promotion Bureau or EPB recently published date for the fiscal year from 2017 to 2018 which shows that Bangladesh was able to earn a total of $3.67 billion. The number is higher by 9.32 per cent compared to the earnings in fiscal year 2016 to 2017 which is only $3.36 billion. These earnings are from the export sector of the sweater industry in the country. The rise in number is attributed to the technological improvements employed in making sweaters which are not available before.
Sweaters are considered to be asub-sector that falls under the ready-made garments category. The industry is responsible for 12 per cent of the entire earnings in exports of ready-made garments. For the fiscal year 2017 to 2018, the export of ready-made garments reached $30.61 billion.
According to the experts in the said industry, the rise in demand is due to the longer winter season in countries located in the western hemisphere. At the same time, the manufacturing of sweaters in Bangladesh now makes use of technological innovations that made it possible to increase their earnings in sweater exports.
The country’s improving condition is also a plus factor because the political sector is starting to stabilize. Industry experts are also expecting that low cost fund is going to be implemented sooner rather than later. They explained that the export growth has the potential to rise even higher if proper logistical support is provided not just in ports but the entire transportation department.
The industry is hoping that they will be able to contribute as much as $8 billion per year starting in 2021. This is possible only if the government will implement the appropriate infrastructure and if policy support is guaranteed.
The vice president of the Bangladesh Garment Manufacturers and Exporters Association, Mohammed Nasir, said that the manufacturers of sweaters are already using state-of-the-art technologies in the production machines. They have transitioned from manual and now using automatic equipment. In return, the production capacity started to climb and the productivity of the workers is also positively affected. Global climate change caused the winter season to last longer and more countries are affected than before therefore winter clothing is currently in high demand.