Bangladesh is turning into a major sourcing hub for sweaters due to brands changing sourcing destinations from China. Additionally, Chinese manufacturers are switching out from sweater making due to high cost, manufacturing complexities, and shortage of skilled workers. This resulted in increased work orders for Bangladesh sweater manufacturers.
According to Export Promotion Bureau (EPB), Earnings from sweater exports reached $4.05 billion in the fiscal year 2020-21, up 12.62% year on year.
This trend is forecasted to reach $6 billion at the end of the current FY of 2022. Mostofa Quamrus Sobhan, managing director of Dragon Sweater and Spinning, highlighted that his company secured 20% higher rates this year for sweaters than in previous years.
Recent trends are in favour of sweater export increasing as currently, people use light sweaters all year round. This has increased the demand for lightweight sweaters which is the strength of Bangladesh sweater manufacturers.
Furthermore, sweater manufacturers are now using advanced technologies such as the Jacquard machine. This results in higher production with few workers.
Sweater manufacturers are also diversifying into new markets. Several new markets such as South Africa, Japan, and Russia have emerged as promising sweater export destinations from Bangladesh in recent years.
Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association, says globally the demand for casual wear is increasing because of the change in fashion trends.
Photo Courtesy: Canva
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