Bangladesh to export non cotton garments worth $46bn by 2032

DE Online Desk
The use of non-cotton fibre in garment production in Bangladesh increased to 29% from 25% over the last three years.
The rise was owing to local apparel exporters moving away from cotton to incorporate more man-made fibre to get better prices and increase business, according to the findings of a new study released on Sunday.
Globally the ratio of non cotton fibre in a garment is 75% but in Bangladesh the picture is just reverse because the local garment exporters use 71% cotton fibre for making a garment, says the findings of a study titled “Beyond Cotton A strategic blueprint for fibre diversification in Bangladesh apparel industry” of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Varun Vaid, business director of Indian research firm Wazir Advisors Pvt Ltd, disclosed the findings of the study at a press conference held at the BGMEA office in Dhaka on Sunday.
Wazir Advisors Pvt Ltd conducted the study on behalf of the BGMEA over the last two years.
Bangladesh has more potential to use non-cotton fibre as the demand for man-made fibre garment is on the rise globally. If Bangladesh invests $18 billion in non cotton fibre industry the country will be able to export $46 billion non cotton garment items by 2032, according to the study.
During the press conference, BGMEA President Faruque Hassan said using man-made fibre, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) wants to take the global market share of locally made apparel to 12% from the existing 7.87% as the prices are higher for those products than the cotton made garment items.