The Prospect of the Readymade Garments Sector in Bangladesh: Result from Trend Analysis

In Bangladesh's readymade garments (RMG) sector, the backbone of the national economy is not the primary source of foreign revenue but a significant role player in socio-economic development by creating employment opportunities, empowering women, and alleviating poverty. In this regard, this paper tries to understand and analyze the current situation and structure of both the knitted and woven sectors. After then, this paper predicts the future of export and export growth for the next five years. This study collected data on export and export growth from the BGMEA. Then the Least Square Method as a trend analysis was applied to identify the forecast export trend and the export growth trend of both the knitwear and woven sectors. Microsoft Excel program was used to estimate the trend analysis and provide predictions for the next five years. The study found that the trend of knitwear and woven export was upward. But the study also explored the downward movement of the two knitwear and woven sectors regarding the growth rate. Moreover, the study showed that after the phasing out of MFA in 2004 and the withdrawal of quota protection, the knitwear export did not face any impediments accorded by the projection. This paper will be practical not for understanding the present structure of the RMG sector but helpful to take appropriate policies for the country's prosperity, especially in this sector.