Europe and USA may still be the biggest apparel export destinations for Bangladesh. However, lately export of ‘Made in Bangladesh’ apparels to other Asian countries is also picking up significantly.
According to Export Promotion Bureau data, receipts from merchandise export to Asian countries increased by 20.52 per cent to US $ 4.95 billion in the last fiscal year.
It is interesting to note that earning from apparel export to Asian nations in 2011-12 FY was merely US $ 2.57 billion.
In the last fiscal year, Bangladesh’s exports to Japan rose by 20.66 per cent to US $ 1.36 billion, while exports to China by 19.60 per cent to US $ 831.20 million and to Korea by 45.44 per cent to US $ 370.65 million.
India, in particular, seems to have emerged as a very potential export destination where Bangladesh’s earning from RMG shipment in last fiscal year stood at US $ 1.25 billion, up by 42.91 per cent from what was US $ 873.27 million in the previous fiscal.
As per industry insiders, Bangladesh’s good show in the Asian nations is mainly due to three reasons – competitive prices, Government’s export handouts and market diversification.