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Exploring new markets pays rich dividends

Jan '09
The Bangladeshi garment industry adopted the strategy of diversifying their global markets after the unfolding of recessionary trends in the global markets leading to a slowdown in exports of apparel which is the biggest export revenue generator for the country.

Infact, diversifying of the markets had begun long before the crisis exploded. The exporters had started seeking East European and the sub-Saharan African markets from the beginning of 2008. But, now that strategy is paying dividends.

Among the new markets to which the garment exporters have started shipping their products are Brazil and Mexico. The volumes to these new markets is increasing at a steady pace, leading to a lesser dependency on the key markets of the US and EU.

After being able to penetrate these new markets to a certain extent, these garment exporters are now on the lookout for other un-explored new markets like Russia, South Africa and Japan, as, if at all exports are being done to these markets as on date, it is in nominal volumes.

fibre2fashion.com spoke to Mr Zahidul, Vice President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), who was very optimistic when he said that, “Yes, in spite of on going recession we are able to survive.

Reason for the same is we have found new destinations for our RMG export. We have now started exporting to different countries like Japan & Russia. This change started in middle of year 2008.”

“Our export to Japan is now more than US $15 million. Although we are also facing some banking problems in exports to Russia, we are also making serious affords it. We are also facing a language problem in Japan, but we will try to overcome the same too”, he asserted by saying.

Fibre2fashion News Desk - India

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