Rising demand for N’ganj hosiery products ahead of Eid

Mushtaq Ahmed Shawon :

This year, the demand for hosiery products in Narayanganj has surged ahead of Eid-ul-Fitr. Since the beginning of Ramadan, sales have been strong, with wholesalers from various regions flocking to the hosiery market. According to traders in Noyamati, last year’s hosiery business faced a downturn, but sales have significantly improved this year.
Alhaj Badiuzzaman Badu, President of the Bangladesh Hosiery Association, expressed optimism that this year’s hosiery sales could reach Tk 200 crore. He noted that during the previous government’s tenure, economic instability led to significant losses for many businesses. Despite these challenges, the hosiery sector managed to generate Tk 150 crore in revenue last year. This year, he expects sales to surpass Tk 200 crore.
Badu emphasized that the hosiery sector laid the foundation for Narayanganj’s garment industry. Most hosiery traders are small entrepreneurs who require financial support, particularly microloans from the government. However, the industry faces several challenges, including a lack of adequate financial backing and infrastructure.
While the hosiery industry holds immense potential for strengthening the national economy, it also faces serious risks. The industry operates in congested areas across three locations in Narayanganj, making it vulnerable to major accidents and losses. Most entrepreneurs start their hosiery businesses with little to no capital. Due to a lack of collateral, they struggle to secure bank loans and are often forced to take high-interest loans from alternative sources, which can push them into financial distress and, in some cases, force them to shut down operations. Industry insiders believe that with minimal government support, the hosiery sector could become a major economic force. Providing small loans, improving infrastructure, and reducing import duties on spare parts could significantly boost the industry, increasing the number of export-oriented factories and bringing in billions of foreign currency.
The hosiery industry in Narayanganj has a history of nearly 100 years.
It requires minimal machinery and capital, making it accessible to entrepreneurs. Many small-scale businesses operate with little or no hired labor, contributing to the sector’s rapid growth. Today, the industry provides employment to over 400,000 workers and generates annual revenue of around Tk 4000 crore, with hosiery products being exported to multiple countries.
The Noyamati area has been at the heart of this industry, largely due to its proximity to the Shitalakshya River. Historically, the river’s water had low iron and mineral content, making it ideal for dyeing fabric. This resulted in exceptionally bright and white fabrics, leading to high demand both domestically and internationally for products like sleeveless and short-sleeve vests.
Additionally, the presence of yarn factories nearby and the convenience of river transport further contributed to the rapid expansion of the hosiery sector in Narayanganj. Over time, the industry has modernized and evolved into a full-fledged export-oriented garment sector, providing employment opportunities for millions.