Exports of apparels to the new market, Japan, sustained a high growth rate during July-April of the 2009-10 fiscal, supported by the increasing demand for Bangladeshi garment products in Japan.
As per state-owned Export Promotion Bureau (EPB) reports, the country exported knitwear goods worth $60.02 million during the initial 10 months of the immediate past fiscal, which, during the same period of 2008-09 fiscal stood at $18.15 million.
Knitwear goods exports to Japan, during the July-April tenure of 2009-10 fiscal, surged by 230.65 percent. As Bangladesh earned revenue of $89.87 million from exports of woven apparels, a whooping 121.46 percent rise over the same period, a year ago, was registered.
With the Asian giant, Japan, lessening its dependency on China, Bangladeshi exporters informed that, RMG exports to Japan were flowing in continuously. China, apparently, is the biggest supplier of garment goods, internationally, owing to the government's recent adoption of the China+1 policy.
Supporting the aforesaid statement, a key Japanese exporter informed that, Japanese importers were visiting Bangladesh due to the latter's competitive rates and China's labour crunch. Japan had been dependent on Chinese garment manufacturers since more than 20 years.
Also, Japanese government decided to reroute outsourcing of garments goods to other nations such as Bangladesh and Vietnam.
In addition to all this, exporters are getting influenced by the incentives that, the Bangladeshi government is receiving on entering new markets, thereby, pushing the exporters towards attaining high export growth to Japan.
Due to labour crunch, increased wages and persistent unrest amongst labourers, Chinese garment producers are unable to meet with their contracted orders.
Industrial experts opine that, Bangladeshi government must further strengthen their diplomatic relations with Japan, so as to maintain such export growth in to this profitable market.
Fibre2Fashion News Desk - India
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