Investing in non-cotton garments could yield $46b by 2032

Investing in non-cotton garments could yield $46b by 2032

A study by Wazir Advisors Pvt Ltd, commissioned by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), suggests Bangladesh could boost non-cotton garment exports to $46 billion annually by 2032 with an $18 billion investment. This includes $4.6 billion for fibre manufacturing, $9.2 billion for fabric production, and $4.2 billion for garment making, potentially creating 1.76 million jobs. Despite Bangladesh’s reliance on cotton, its share in the non-cotton garment segment has risen to 5 percent in 2022, amid a global shift towards non-cotton fibres like polyester filament yarn.

BGMEA President Faruque Hassan notes increasing global demand for non-cotton fibres, urging local entrepreneurs to invest in expanding capacity to meet this demand. This shift is driven by climate change and consumer preferences, with non-cotton apparel gaining popularity. While cotton-made apparel still dominates exports, there’s a noticeable trend towards diversification, particularly in categories like T-shirts, jerseys, and woven trousers. Bangladesh imports non-cotton fibres worth $1.2 billion annually, suggesting opportunities for local investment to spur garment exports and create new avenues in the sector.

Source: The Daily Star

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