Essay On Garment Industry In Bangladesh

Bangladesh’s garment industry has led to positive socio-cultural changes and economic developments in the country. Once considered a ‘basket case’, economic liberalization in the late 1970s provided the opportunity for the garment industry to develop. Today, the industry is central to the Bangladesh economy, while socio-cultural changes have led to increased employment and changes in the traditionally patriarchal society.
There are two ways that foreign clothing companies obtain their clothes. Some companies place buy orders with suppliers in Bangladesh. These suppliers are private Bangladeshi companies, who rely on foreign investors. Other companies source companies which partner with local factories that manufacture garments for export. A Swedish fast fashion retailer known as H&M has been sourcing clothing from Bangladeshi suppliers for over 20 years. It has thus established a buying office in the country, which helps to manage its sourcing

In 1990, the economic policies were beginning to change, leading to more global integration. Bangladesh was exporting $0.64 billion worth of garments, which then increased in 2001 to $4.86 billion. By 2009, three quarter of exports in Bangladesh were garments, and this accounts to about 75% of export earnings in the country, contributing to 10% of the country’s GDP. In that year, the total exports of garments was worth nearly $11 billion. With this increased income, the government was able to develop other sectors such as transport, insurance and banking and also triggering infrastructure projects which further propelled the garment industry forward. It has generated more foreign direct investment into the country and also created jobs and other business opportunities for both locals and foreigners. The country’s per-capita income has had an increase of almost 300%, shooting up from US$280 in 1990 to US$838 in