Forecast of Apparel Export for Year 2025
Faruk Ahmed, Shahnewaz Rahman, Meahidy Hasan Sagor, Nazmus Sakib and Tamjid Haider Bhuiyan
Email: faruk@buft.edu.bd
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Abstract
Bangladesh's Ready-Made Garment Industry (RMG) holds a larger foreign exchange market share and has emerged as a potential financial player in the national economy. This industry earns around 84% of Bangladesh’s overall export and employs nearly 4.22 million workers.Bangladesh is currently the second-largest apparel exporter in the world after China. However, COVID-19, known as a pandemic, has recently been impacting the global economy. The RMG sector of Bangladesh was significantly affected by this phenomenon.Nonetheless, after the pandemic situation, RMG exports get a boost. The purpose of this article is to prepare a statistical database with information related to RMG to enhance the bright future of this sector and to forecast the total RMG export for 2025. In this study, data of previous RMG export is collected from the BGMEA website and forecasting is done withthe linear regression method. The study shows that in 2025 RMG export will be nearly $70 billion. These results will help the stakeholders to take their due actions to meet the target.