AN ANALYSIS OF EXPORT AND IMPORT GROWTH OF BANGLADESH: A STUDY ON READY-MADE GARMENT (RMG)

Abstract

This paper attempts to identify the challenges of ready-made garment (RMG) exports of Bangladesh. Descriptive analysis was used to analyze the export challenges of Bangladesh. It has been identified that Bangladesh highly depends on ready-made garment (RMG) exports for its foreign exchange earnings. In spite of great challenges, the country became the world’s second largest exporter of garment goods to the European Union. It also exports a significant amount of goods to the United States. This study identified that the country would lose its buyers if it delayed to take necessary actions for the recent crisis created in this industry. The buyers are warning the country to take immediate steps to solve the crisis. Otherwise, Bangladesh maybe deprived of getting the benefits of Generalized System of Preferences (GSP). To bring back the confidence of the buyers, Bangladesh has to act quickly and promptly by introducing new labor laws for the garment workers.