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Bangladesh’s exports to emerging markets up three per cent

Bangladesh’s garment exports to non-traditional markets rose 3.77 per cent year-on-year in the July-January period of the current fiscal. Non-traditional markets are other than key destinations such as the European Union, the US, and Canada. They include countries like India, China, Russia, Japan, South Africa, Turkey, Brazil, Chile, Mexico, South Korea, Malaysia, Australia, and New Zealand.

Shipments to these markets are rising on the back of zero-duty benefit granted to Bangladesh, opening of retail stores by global brands, market diversification by local exporters, and fiscal incentives. Bangladesh receives zero-duty benefit to markets such as Japan, India, and China. As a result, shipments to these markets are rising at a faster rate.

Riding on the relaxed rules of origin, garment exports to Japan grew 1.94 per cent in July-January. In 2011, China granted a duty-free export facility to Bangladesh for nearly 5,000 items, mostly garments. China has also established its own brands and retailers to cater to local customers and these brands buy apparel items from Bangladesh in bulk amid Chinese manufacturers' growing reluctance to produce basic garments.

Bangladesh’s garment exporters also enjoy duty-free export benefits to India, although they are facing a 12.5 per cent countervailing duty at present.