It is extremely impressive to see that Bangladesh's RMG exports to the United States saw a year-on-year growth of 42.48% to $9.06 billion in the JanuaryNovember period of 2022, higher than $6.36 bn in the mentioned period of 2021.
What makes this all the more impressive is the fact that the fallout from the Covid-19 pandemic and the ongoing war in Ukraine have made the world increasingly volatile, throwing supply chains across the globe into disarray.
Nevertheless, the strong appreciation of the dollar, inflation, and price hike of raw materials have resulted in unit prices increasing and have contributed to the overall growth.
While the relevant stakeholders associated with the RMG industry rightfully deserve credit for maintaining and continuing the sector's impressive growth, there remain plenty of reasons to be wary.
For one, our overreliance on just one export industry is simply not a sustainable option in the long run and the sooner we start to get serious about export diversification, the better it will be for us, especially in the wake of our imminent graduation to a middle income country and thus losing many trade privileges that we currently enjoy.
Furthermore, the industry itself must continue to evolve, and it is about time Bangladesh becomes more than just a destination for lower cost RMG products. For that, not only must we change the perception of the industry as it stands today, but everyone within the industry must engage in relevant upskilling, so that we are able to offer higher grade products.
Therefore, while we may still be enjoying the best days of the RMG industry and continue to see it scale new heights, we must be proactive in helping it evolve to suit Bangladesh's needs in the short term and long term future while also prioritizing diversification of our exports.
