Business

Bangladesh Scores High On Non-Conventional Apparel Markets

Bangladesh witnessed a sharp and robust growth in shipment of garments to non-traditional destinations. The destination included many major markets and the growth figure stood at 41%. A year on year comparison revealed that from USED1.46 million for the first six months, this year, the export figures stood at USD 2.07 billion in the current year’s season. Experts and observers attributed the sharp growth to incentive packages and easy access to duty free markets. Bamgladesh’s traditional markets were USA, Canada, and Europe. Bangladesh has succeeded in creating a niche for itself in Chile, China, Japan, India, Australia, Brazil, Mexico, Turkey, South Africa and Russia. The quantum of apparel exports is growing sharply in these countries. BGMEA spokesperson disclosed that the government pitched in for a five percent incentive for targeting non-traditional markets way back in 2010. Initially, the manufacturers were reluctant to enter these new markets owing to hardships involved and time required to be spent to make inroads in these countries. The manufacturer was also required t to keep their pricing lower for the products they are selling to capture space in the new markets. The government’s cash incentives gradually turned the tide and the exporters are catering to non-traditional markets. To cap it all most of the non-traditional markets provide duty free access to Bangladeshi goods.