Readymade garment (RMG) manufacturers in Bangladesh have received orders for export of garment items worth US$ 2.5 million from 16 small and medium Japanese companies.
The Japanese firms placed orders at a business event organized by Nankai Company Ltd. in Dhaka. Euro Bangla Group led apparel producers from Bangladesh, while all the participating Japanese firms were clients of Hiroshima Shinkin Bank.
Bangladesh offers a better alternative for countries like Japan to source their apparel requirements, as the products are offered at competitive prices and are of good quality, said Hasnat Ahmed Hashemee, Managing Director of Euro Bangla.
Most of the orders are for knitwear items, which will be delivered by 19 Bangladeshi manufacturers including the Euro Bangla Associates Ltd., Mehnaz Style and Craft, Alif Group, Zarjis Composite Knit Industries Ltd., Sadma Knit Composite Ltd., Speedwell Ltd. and Sportwear Garments Ltd.
Currently, RMG manufacturers in Bangladesh are looking for new destinations as orders for export of apparels to European countries have decreased by 20 percent year-on-year owing to the ongoing debt crisis in EU nations.
However, countries like Bangladesh and Vietnam are benefiting from a shift in orders from China to their countries. It is due to an increase in cost of production in China, where salaries increase by 15 percent every year.
Bangladesh's knitwear and woven garment exports grew by nearly 43 percent year-on-year to US$ 247.51 million in 2010-11, according to the Export Promotion Bureau (EPB).
Fibre2fashion News Desk - India
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