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Bangladesh RMG exports grow 28 per cent in five years

Owing to a rise in demand for Bangladeshi apparel products in international market, the country’s apparel export grew by 27.77 per cent in five years during the 2011-2015. According to Export Promotion Bureau (EPB) data, Bangladesh generated $19.21 billion from apparel export in 2011, and income soared to $26.60 billion in 2015. Export growth was driven by a rise in demand for local RMG products in the existing markets in US, UK, Germany, Spain, France, Italy and Canada, as well as in some newly created markets across West and East, especially in Japan, China, Brazil, Russia, Turkey and Australia.

According to RMG exporters, they successfully drew the attention of world’s leading apparel retailers over the years by offering very competitive prices taking advantage of the Chinese exporters’ reluctance in producing low-cost RMG goods. With RMG export worth $26.60 billion last year, Bangladesh has already become the world’s second largest apparel exporter.

Meanwhile, local apparel industry also improved its compliance standards with the help of the concerted efforts of two buyers’ platforms, the ILO, Germany, the Netherlands and the government following several major disasters at some garment factories in 2012 and 2013. According to Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Apparel exports stood at $23.50 billion in 2013, $19.78 billion in 2012 and $19.21 billion in 2011. BGMEA said a number of Eastern European countries like Bulgaria and Czech Republic and Malta are showing promising outlook in terms of importing RMG goods from Bangladesh.

According to exporters, exploring more non-traditional markets to boost garment export is important for Bangladesh to ensure sustainable export growth in the apparel sector.

 
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