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Bangladesh's apparel sector on high tide
25
Nov '10
As the world is restoring from the effects of global economic slump, more opportunities are coming to Bangladesh, with a host of internationally reputed apparel brands eyeing the country for sourcing more garments.

Few buyers have already turned to Bangladesh for importing garments, while leaving the other countries in competition, and others too are raising the magnitude of their orders.

Higher cost of production have caused the garment prices in Turkey, China, Cambodia, Sri Lanka and Vietnam to rise, while Bangladesh too has expanded its product range and marketing strategy for past several years.

Backed by the rising demand for reasonably priced products, there has been a growth of over 30 percent in apparel exports during July to September, this year.

As revealed by the Export Promotion Bureau statistics, $2.18 billion worth of knit products and $1.79 billion worth of woven products were exported during the period, which depicts a year-on-year rise of 32 percent and 30 percent respectively.

In recent times, there has been a rise in country's apparel exports to Canada, Mexico, South Africa, Australia, New Zealand and Brazil.

As big retail brands like JC Penny, Tesco, Wal-Mart, Zara, H and M, IKEA, Marks and Spencer, G-Star Raw, Li & Fung and Uniqlo, have raised the quantum of their purchases from Bangladesh, Spanish retail chain Inditex Group is also preparing to raise its exports from the country.

Further, leading German brands like Hugo Boss and Adidas are also in discussions with Bangladesh based apparel manufacturer Viyellatex Group for directly purchasing the stakes from the company in 2011, for the first time.

The German retail chain, Otto Gmbh and Co KG is also likely to invest Euro 20 million (Tk 197 crore) for operating a social business in Dhaka that manufactures garments.

Moreover, firms from Japan including TM Textiles, Maruhisa, NI Teijin, Yokohama Tape, CHORI, Onward Holdings Co and FVG have also started trading in Bangladesh. Bangladesh's apparel exports to Japan, a fresh market, began to rise since 2008 after Tokyo announced its China+1 strategy aimed at shifting its large scale exports from China to other countries like Bangladesh.

Fibre2fashion News Desk-India

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