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Bangladeshi apparel exporters eye Russian market
22
Jul '11
After notching up, stupendous growth figures in the fiscal year ending June 2011, the Bangladeshi clothing industry has set its sight on the Russian market. Brazil, along with Russia India and China (BRIC) a term coined by Goldman Sachs in 2001, have been considered emerging economies.

The apparel sector has targeted US $2 billion in exports to Russia, which is Europe's most populous country, in a bid to reduce overdependence on the markets of the US and EU. Currently, Russia meets most of its clothing imports from Turkey and China.

In the just concluded fiscal year, Bangladeshi textile and clothing exports garnered $19 billion, up a stupendous 42 percent growth over the same period of the previous fiscal year. However, 85 percent of these exports are earmarked to just two regions; the 27-member EU and the US, which makes it extremely susceptible to a possible downturn in these two developed economies.

Speaking to fibre2fashion, Mr Mohammad Hatem, Vice President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) said, “We are planning to go to Russia next month. We have never explored this market and so we are visiting the country, so that our members can export their goods in huge quantities as it is a very big market in the world”.

“He added by saying, “A delegation from BKMEA will be first visiting in August, which will be followed up by another delegation in September, made up of officials from the government as well as private sector”.

Informing about the challenges, he said, “There are some problems in the Russian market. Often it is difficult to open a LC with their banks. Secondly, we had a GST facility previously but, after sometime, this GST facility was terminated by Russia. So we will enquire as to why the GST facility was terminated”.

Continuing he said, “Customs is another problem because there are some rules in customs which are not feasible for us. We want these rules reframed and create a new system, for which too, our delegation will speak to the Russians”.

Fibre2fashion News Desk - India

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