Exporting garments made of manmade fiber can help Bangladesh, say experts. Consumption of apparels made from artificial textile raw material is rising globally. As of now, 20 per cent of Bangladesh’s garment exports are made of manmade fiber. The sector needs foreign direct investment and some assistance to divert to manmade fiber-based garment production. The country has a very low capacity in this segment. Of the total garment items exported from Bangladesh last fiscal year, 74.14 per cent was made from cotton fiber, up from 68.67 per cent ten years ago. In Bangladesh, the use of cotton-based yarn and the garment products produced from it is rising. But exporters are receiving lower prices from the sales of cotton fiber-made garments.

Bangladesh’s export is over-concentrated on T-shirts, trousers, jackets, sweaters, and formal shirts and they together account for 73 per cent of the country’s garment exports. Moreover, Bangladesh is reliant too much on three markets: the European Union, the US and Canada and market diversification is taking place slowly. Last fiscal year, 83 per cent of Bangladesh’s garment exports went to the three markets. The garment sector’s contribution to the GDP is only 11 per cent, clearly indicating very little value addition. Reasons behind the garment sector’s lower growth include economic recession around the world and pressure from the nation’s currency.