To call our RMG industry the backbone of our export earnings would be a gross understatement -- it is, essentially, the entire body.
To that end, that this industry has hit a plateau -- between July and November of FY26, export earnings stood at $16.13 billion, which is barely 0.09% higher than the same period last year -- is cause for concern.
Concerns about the RMG industry have long been stated, and there exist deeper structural challenges that we have never quite come close to addressing. In addition, weak consumer demand in the most important markets, the ongoing tariff uncertainties in the United States, the ever-rising production costs, and aggressive competition from nations such as Vietnam and India have all simultaneously converged.
The result has been the stalled growth we are witnessing.
Bangladesh’s dependence on the RMG industry is well documented, and identifying the precise causes of this slowdown -- whether in logistics, policy support, or any other key area -- is non-negotiable for the long-term health of this sector.
However, the larger caution lies beyond the RMG industry. Our overreliance on a single export item, year after year, decade after decade, is and will always be a national vulnerability. When RMG falters, the entire country experiences ramifications -- be it our foreign exchange reserves or stability in employment.
The RMG sector has been carrying our export industry for far too long, and it needs help. That help can only happen if we truly prioritize export diversification. We have promising sectors such as pharmaceuticals, IT services, agro-processing, and light engineering -- it is time to truly nurture them with the same policy attention once reserved for the RMG sector.
Diversification is the only way now to not only cushion the economy against shocks such as the one the RMG sector is currently facing, but in the long run, help us open new avenues for our ultimate goal of having sustainable growth as an economy. Our nation’s economic future can no longer be tied to the fortunes of a single industry.