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India promising destination for RMG exports
18
Apr '11
India is believed to be the next key export destination for clothing products of Bangladesh, as the country has a rapidly growing base of middleclass consumers, which is the main asset of the South Asian economy, growing at a high pace.

Owing to the ever increasing demands of the Indian middleclass, garment export to India is rising rapidly, despite that, India is one of the leading players in the global apparel business.

Also, the trade facility that India has offered in pursuance with the SAFTA agreement has further fortified the mutual trade.

Under the SAFTA agreement, that became effective from July 1, 2006onwards, India has allowed duty-free export of eight million garment pieces. But then, after signing the agreement in September 2007, it was only during the last year that, Bangladesh was able to export the full volume of quota.

Initially the Bangladeshi businessmen were not much keen on exporting under the agreement, because they were required to pay extra duties and taxes for the same, but subsequent to the Bangladeshi Prime Minister Sheikh Hasina's visit to the India during January 2010, the Indian government liberalized some of the rules and even withdrew some tariff and non-tariff barriers in respect of garment items export from Bangladesh under the quota.

According to the statistics released by the state-run Export Promotion Bureau (EPB), during the initial nine months of the current fiscal year that started on July 1, 2010, Bangladesh exported woven garments worth $16.91 million and knitwear items worth $5.24 million.

The data revealed that, Bangladesh's woven garment exports to India stood at $9.99 million during 2009-10 fiscal, while knitwear exports for the period stood at $2.54 million. Also, it stated that the country exported $10.25 million worth of woven garments and $1.70 million worth of knitwear during 2008-09 fiscal.

Fibre2fashion News Desk - India

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