This year's Eid season has brought some revival to Narayanganj's hosiery business. Last year, the industry faced a downturn, but this year, the situation is somewhat better.
Traders from Nayamati have reported good sales, with wholesalers arriving from different markets across the country. However, the recent increase in snatching incidents in the city has become a concern. The businessmen of Nayamati have appealed to the Superintendent of Police to address the issue. Sales have been strong since the beginning of Ramadan.
Expressing optimism that this year’s hosiery sales will surpass 20 billion taka, Bangladesh Hosiery Association President Alhaj Badiuzzaman Badu stated, "This year is better than the last, which suffered due to the autocratic government. The new government has ensured a stable environment, which has boosted business confidence and sales."
According to Badiuzzaman Badu, the previous government's instability negatively impacted businesses. Last year, the hosiery sector recorded a business volume of 15 billion taka. This year, it is expected to exceed 20 billion. The garment industry in Narayanganj originated from this hosiery sector, where most businessmen are small-scale entrepreneurs. Government assistance in the form of microloans is essential to support them. The industry faces several challenges.
The hosiery sector has immense potential to strengthen the national economy. However, while opportunities are vast, challenges remain significant. The industry operates in congested environments in three areas of the district, posing risks of major accidents and casualties. Many entrepreneurs start with almost no capital. Due to the lack of collateral, they fail to secure bank loans and are often forced to borrow at high interest rates from other sources, making it difficult to sustain their businesses. Many eventually shut down due to financial losses.
Industry insiders believe that with minimal support, the hosiery sector could become a major economic powerhouse for the country. Providing small loans, improving the business environment, and reducing import duties on spare parts could significantly increase the number of export-oriented factories, bringing in billions in foreign currency.
The hosiery industry in Narayanganj began nearly 100 years ago. It requires minimal machinery and investment to start, and businesses can even be run without hired labor. These unique advantages have led to rapid expansion, employing over 400,000 workers. Currently, the sector generates around 400 billion taka annually, with exports reaching various countries.
The growth of the hosiery industry is closely linked to the Nayamati area of Narayanganj, which is located along the Shitalakshya River. The river is one of the most alkaline in the world, with low iron and mineral content, making its water exceptionally clear. This clarity helped in dyeing fabrics, resulting in pure white garments.
The sandow vests and half-sleeve t-shirts made from these fabrics gained popularity not just in Bangladesh but also internationally. Additionally, the proximity of yarn factories and easy transportation via the river contributed to the rapid development of the hosiery industry in this region.
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