In their effort to diversify export markets, Bangladesh readymade garment (RMG) manufacturers are seeing China and Japan as their potential lucrative export markets.
Currently, China is shifting its business to high technology areas and the cost of labour is also increasing. Hence, China is finding a need to source low-cost apparels for its domestic market from other countries. Bangladesh RMG sector feels it can fill this gap and export its garments to China.
Meanwhile, Chinese RMG exporters are also finding good response from Japanese importers.
Speaking to fibre2fashion, Mr. Mohammed Hatem, Vice President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said, “China is a large country with a huge population like India. China's economy is very strong. But, owing to increasing costs of labour, its industries will not be able to sustain in the garment sector. Hence, entrepreneurs are considering shifting their business to high technology areas. This will create a gap in the apparel sector in China and I think Bangladesh can fill in the gap.”
“The exports from Bangladesh to China are currently growing at 80-90 percent year-on-year. We are looking forward to explore China further and increase our exports,” Mr. Hatem adds.
“Besides China, Bangladesh RMG exporters are also exploring markets in Japan and Russia. Both are good potential markets for Bangladesh and we are getting very good response from the industry in these countries,” reveals Mr. Hatem.
“Last week, a 115-member delegation from Bangladesh visited Tokyo, Japan, along with our Commerce Minister. The delegation received good response from the Japanese importers during the visit,” the BKMEA Vice President informs.
Fibre2fashion News Desk - India