Apparel exports to Asian markets on the rise
Release Date: June 24, 2018
Garment shipments from Bangladesh to its major Asian markets—India, China and Japan—are rising by the day thanks to competitive prices the country offers and spiralling production cost in China.
Bangladesh's strength in formal garment production and higher economic growth in populous Asian countries have also helped such shipments to increase, which could hardly reach a few million dollars only five years ago, experts said.
Garment export to these three markets grew 17.79 percent year-on-year to $1.39 billion in July-May period of the current fiscal year, according to data from the Export Promotion Bureau (EPB).
Japan, with a retail garment market worth nearly $50 billion, is the largest export destination for Bangladesh among the Asian nations. In July-May period, Bangladesh sent $787.13 million worth of garment items to Japan, which is a 13.04 percent year-on-year rise.
The overall export to Japan has already crossed $1.05 billion mark in the first 11 months of the current fiscal year from $945.47 million last year.
Source From: The Daily Star