Bangladesh readymade garment (RMG) accessory manufacturers are eyeing emerging markets, including Japan, South Africa, Russia and Myanmar, as there is a decline in exports of apparel accessories to the traditional markets such as the EU and the US.
In a conversation with fibre2fashion, managing director of Kulshi Group and chief advisor to board of directors of Bangladesh Garments Accessories & Packaging Manufacturers & Exporters Association (BGAPMEA), Mr. Safiullah Chowdhury said, “We are trying to explore new markets such as Japan, South Africa, Russia and Myanmar for exports of clothing accessories due to the ongoing economic crisis in the current traditional markets such as the EU and the US.”
“Currently, we are exporting 50 percent of garment accessories to the European Union nations,” he informs.
According to him, Myanmar is the new potential market for clothing accessories of Bangladesh, and a BGAPMEA delegation is likely to soon visit Myanmar for talks on building a trade relation with that country.
Bangladesh garment accessories firms are receiving more enquires and orders from overseas markets, as production cost has risen in China and Chinese companies are no longer able to offer products at low prices.
Presently, the export of apparel accessories from Bangladesh is growing at the rate of eight to ten percent and the BGAPMEA has targeted to achieve 90 percent growth by 2018.