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Bangladesh's garment exports to new markets soar in FY'13
23
Jul '13
The exports of readymade garments from Bangladesh to 11 non-traditional markets soared by 28.75 percent year-on-year during the just concluded financial year, according to the data from the Export Promotion Bureau.
 
Bangladesh’s apparel exports to the 11 countries—Brazil, Russia, India, China, South Africa, Turkey, Chile, Mexico, Australia, Japan and South Korea—increased to US$ 2.97 billion during the fiscal year ending June 30, 2013, compared to exports of US$ 2.3 billion made during the previous fiscal.
 
Of the total clothing exports to these 11 countries, knitwear exports grew by 30.66 percent year-on-year to US$ 1.49 billion, while woven product exports rose by 26.89 percent year-on-year to US$ 1.48 billion.
 
Among the non-traditional markets, Bangladesh’s garment exports to Russia registered the highest growth, followed by Chile, South Korea, Australia, and Japan.
 
Bangladesh garment makers started exploring new markets in 2007-08 due to economic slowdown in its traditional EU and the US markets.
 
Bangladesh’s garment exports during July-June 2012-13 period climbed by about 12.7 percent to US$ 21.515 billion over exports of US$ 19.089 billion made during the corresponding period of 2011-12.
 
In 2012-13, the top three export destinations for Bangladesh garments were Europe, which accounted for US$ 12.56 billion, followed by the US and Canada, which accounted for US$ 4.99 billion and US$ 980 million, respectively.
 

Fibre2fashion News Desk - India

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