While our readymade garments (RMG) industry continues to act as the backbone of our economy, a part that it has been playing for the past few decades, it is high time that our private sector, along with the patronage of the government, explored ideas on how we can diversify our export basket and show that Bangladesh can be more than just a tailor to the rest of the world.
However, the growth that our RMG sector has been experiencing cannot be denied. Despite the drastic global economic turndown, Bangladesh earned $22.99 billion in the first half of FY23, a 15.56% increase from $19.9bn in July-November of FY22, according to the Export Promotion Bureau’s (EPB) country-by-country specific garment export data.
This is indeed a fantastic turnover given the state of global economics and the supply chain issues which have persisted ever since the dawn of Covid-19.
But to rely on one sector’s growth, however consistent it may be, is not a sustainable mode of growing the economy. To that end, the gradual diversification of our export basket remains of paramount importance.
While recent undertakings by the government to address this has been appreciated, until and unless we create viable industries and sectors which rival the scope and size of our RMG industry in any significant way, our economic potential will remain stymied.
A good example of a potential industry we can focus on is electronic goods. Even though our country has been investing in its electronics industry to a certain extent these days — and there are other private innovations that are in the offing — we remain a long way from being able to build proper, viable alternative export industries that can offset a dip in performance of the RMG sector as is what occurs from time to time.
It is only through allowing other industries to grow that we can allow our economic potential to be fully unlocked.
