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Bangladesh garment exports to new markets surge in Q1
31
Oct '12
A strong growth was observed in apparel exports from Bangladesh to new markets during the first three months of Bangladeshi fiscal year 2012-13 that began on July 1, 2012.
 
From July to September 2012, Bangladesh exported US$ 4.29 billion worth of garments, of which, US$ 527.61 million of exports were towards new markets, showing a rise of 28.65 percent year-on-year, according to the statistics with the Export Promotion Bureau (EPB).
 
Australia, China, India, Japan, Malaysia, New Zealand, Russia, South Africa, South Korea and Turkey are the new markets where Bangladeshi apparel manufacturers started exporting their goods in their effort to diversify the markets due to falling demand during global economic crisis of 2007-08.
 
The cash incentive offered by the Government to apparel exporters is also considered a reason for rise in exports to new destinations.
 
Traditionally, Bangladesh exports its garments to the US, Europe and Canada, which together absorb over 90 percent of knitwear produced in Bangladesh.
 
During the three-month period, readymade garment (RMG) exports from Bangladesh to Europe accounted for US$ 2.88 billion, while those to the US contributed US$ 1.14 billion. Apparel exports to Canada and other countries fetched US$ 265.55 million in foreign exchange for Bangladesh.
 
Thus, Bangladeshi RMG exports to traditional markets still continue to be high in terms of value compared to exports to new markets, in spite of a huge growth witnessed during the first quarter.
 

Fibre2fashion News Desk - India

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