Bangladesh should develop manmade fibre-based value chain and produce new product categories to gain the global market share as the exports of such apparel would increase to 60 per cent by 2030 from the existing 50 per cent in the world, according to a study.

The report titled ‘From shirts to shores: blueprint for Bangladesh RMG industry’ projected that the global export of readymade garment would grow to $1,121 billion, which was $953 billion in 2022.

It said that of the projected $1,121 billion global apparel exports, 60 per cent would be MMF-based garments.

In a bid to navigate the challenges and seize opportunities ahead, Bangladesh Garment Manufacturers and Exporters Association commissioned PricewaterhouseCoopers, a research farm, to conduct the study.

The study said that 50 per cent of $953 billion global garment exports in 2022 was MMF based, 37 per cent cotton-based and 13 per cent others.

It showed that China was the leader for MMF-based garment exports with 62 per cent of the market share in 2022 followed by Vietnam, Italy and Turkey.

The BGMEA on Thursday published the report at an event held at the headquarters of the trade body at Uttara in the capital Dhaka.

The report mentioned that Bangladesh should develop the ecosystem for being competitive in manufacturing of select products as the story of MMF would remain strong in global sourcing.

The report showed that the total global trade of four promising products — jackets/suits/blazers, activewears/swimwears, technical garments and brassieres — accounted for $100 billion and 73 per cent of them was MMF based.

It said that focused strategy was required for each promising product – market mix prioritising the high value-added products.

The study also suggested positioning Bangladesh as supplier of value-added MMF-based products in the European Union countries, the United States and the United Kingdom.

It also recommended continued efforts in penetrating new markets, including Japan and South Korea.

The report proposed making investments in automation, digitalisation and resource efficient technologies.

BGMEA president Faruque Hassan emphasised the significance of research-driven strategies in sustaining competitiveness amidst evolving global dynamics.

He said that the report offered vital insights and actionable recommendations aimed at building a more prosperous future for Bangladesh’s apparel sector.

‘These strategies outlined in the report will serve as guidelines for us to navigate challenges and capitalise on opportunities, thus maintaining our competitiveness in the global market,’ BGMEA president said.

BGMEA vice-president-elect Abdullah Hil Rakib, and directors-elect Shovon Islam, Nusrat Bari Asha and Md Nurul Islam were present at the report launching event.

PwC managing director Shalini Shrivastava and director Arindam Saha, among others, attended the programme.