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B'desh knitwear exporters to explore Japanese market
05
Dec '11
Knitwear makers in Bangladesh are exploring new markets, including Japan, owing to a sharp decline in export orders in recent months, especially due to debt crisis in some of the EU countries.

During July-October 2011, the rate of growth of knitwear export slowed down to 17 percent from growth rate of about 38 percent during the corresponding period of fiscal 2010-11.

In fiscal year 2010-11, Bangladesh earned US$ 18 billion from garment exports, registering a significant 42 percent year-on-year growth. However, 85 percent of these shipments were only to two markets – the EU and the US. Thus, the domestic exporters are highly dependent on these two nations and any economic downturn in these nations is bound to have a negative impact in terms of decrease in orders.

In order to decrease their dependence on the EU and the US markets, Bangladesh knitwear manufacturers have already visited Russia, and are planning to visit Japan in January 2012.

Bangladesh exported knitwear items worth US$ 53 million to Japan during the July-October period of current fiscal, compared to US$ 94 million of exports in fiscal 2010-11.

Confirming about their visit to Japan, Md. Hatem, Vice President, Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA), told fibre2fashion, “We are going to Japan on 23rd January to participate in a three-day fair scheduled to be held there on January 25-27, 2012. We will be participating in the exhibition under the Bangladesh pavilion. Probably, our Commerce Minister will also be accompanying us along with the 100-member delegation from the knitwear sector.”

Informing about the purpose of the visit, he said, “We are going there to explore the Japanese market in a broader way. Japan is going to become a 'China Plus One' country. So, the knitwear sector is planning to expand its business to that region.”

Providing statistics, he went on, “Since 15 years, Japan has been importing US$ 24 billion worth of textile and garment products from the world market. Out of this, 87 percent imports are from China while from Bangladesh it is only 0.6 percent. This year, our exports are going up and we wish to increase our share in the Japanese market.”

Revealing about BKMEA's efforts towards diversification of its export market, he stated, “In October this year, a BKMEA delegation had visited Russia to explore the market and to increase our exports there from 3.7 percent. Apart from these, we are looking forward to explore the markets in South Africa and Latin America. In future, we are planning to target India and China also, as we think these will be big markets for us.”

Fibre2fashion News Desk - India

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