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Bangladesh hopes to double its garment exports to India
12
Jul '12
In the midst of softening demand from its traditional markets of the EU and the US, Bangladesh is expecting to double its exports, mainly garment exports, to India this year, Finance Minister Abul Maal Abdul Muhith has said.
 
In a recent interview, the Minister said Bangladesh was trying to diversify its export base, and India and China are importing more than earlier.
 
He said Bangladesh’s exports to India, mainly consisting of apparel items, would touch US$ 1 billion, i.e. double the last year’s sales to India.
 
In September 2011, India reduced import tariffs on some garment items from the neighbouring Bangladesh. This allowed Bangladesh to increase its exports of lower-end garments to India.
 
In recent years, Chinese investment in Bangladeshi readymade garment sector has increased, and hence the country is hoping to sell more of its products back to the Chinese. However, the Chinese market currently remains relatively small for Bangladeshi clothing.
 
Since 2004, the economy of Bangladesh has grown at over six percent per annum and its per capita income has nearly doubled to US$ 818. Garment exports to the West have been a major contributor in this growth.
 
However, the recent financial crisis, especially in Europe, has made the country’s policy makers worried over the economic outlook during the current fiscal, forcing them to turn their focus on markets nearer home.
 

Fibre2fashion News Desk - India

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