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Bangladesh garment exports to India rise sharply
03 Dec '11
2 min read
Readymade garment (RMG) exports from Bangladesh to India have risen considerably within two months of India granting trade concessions in the form of duty-free and quota-free access for 46 Bangladeshi RMG items in September this year.
The trade concessions for Bangladeshi RMG exports to India were announced by Indian Prime Minister Manmohan Singh during his last visit to Dhaka on September 6 and 7, 2011.
Garment producers of Bangladesh booked orders for readymade garments worth more than US$ 90 million from India during September and October this year, which is considerably high compared to last fiscal's RMG exports to India worth US$ 360 million.
Following the positive trend, the Bangladeshi RMG exporters, who are still in talks with Indian buyers, expect to continue receiving increasing number of orders in future also.
Some of the traders, who paid a business visit to India last month to explore business prospects, believe that RMG exports to India are likely to exceed the two billion USD mark over next three years.
Further, as export of garments and allied items from Bangladesh is growing, following India's move of curtailing its sensitive list from 480 to just 25 items, the overall trade gap between the two countries is also expected to reduce at a faster pace.
Kidswear, jeans, pants, shirts, skirts, blouses, cotton nightwear, tracksuits and swimwear are all included in the list of 46 garment items which have been granted duty free access to India.
Over the past few years, garment producers in Bangladesh have become more competitive as compared to their Indian counterparts, in spite of Bangladesh lacking internal source of raw inputs.
Moreover, Bangladeshi apparel industry also enjoys a comparative benefit over the Chinese garment industry with respect to some specialised woven and knitwear items.
Bangladesh's overall garment exports including that for woven and knitwear items grew by 43.35 percent to around US$ 18 billion during last fiscal, while the target for the current fiscal has been fixed at US$ 20.29 billion.
The trade concessions for Bangladeshi RMG exports to India were announced by Indian Prime Minister Manmohan Singh during his last visit to Dhaka on September 6 and 7, 2011.
Garment producers of Bangladesh booked orders for readymade garments worth more than US$ 90 million from India during September and October this year, which is considerably high compared to last fiscal's RMG exports to India worth US$ 360 million.
Following the positive trend, the Bangladeshi RMG exporters, who are still in talks with Indian buyers, expect to continue receiving increasing number of orders in future also.
Some of the traders, who paid a business visit to India last month to explore business prospects, believe that RMG exports to India are likely to exceed the two billion USD mark over next three years.
Further, as export of garments and allied items from Bangladesh is growing, following India's move of curtailing its sensitive list from 480 to just 25 items, the overall trade gap between the two countries is also expected to reduce at a faster pace.
Kidswear, jeans, pants, shirts, skirts, blouses, cotton nightwear, tracksuits and swimwear are all included in the list of 46 garment items which have been granted duty free access to India.
Over the past few years, garment producers in Bangladesh have become more competitive as compared to their Indian counterparts, in spite of Bangladesh lacking internal source of raw inputs.
Moreover, Bangladeshi apparel industry also enjoys a comparative benefit over the Chinese garment industry with respect to some specialised woven and knitwear items.
Bangladesh's overall garment exports including that for woven and knitwear items grew by 43.35 percent to around US$ 18 billion during last fiscal, while the target for the current fiscal has been fixed at US$ 20.29 billion.
Fibre2fashion News Desk - India
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