The rising number of the global garment buyers establishing their offices in Dhaka is depictive of the fact that they are now diverting their focus from other competing countries to Bangladesh, as the cost of outsourcing in those countries have risen too high.
In recent times, most of the global garment brands have either set up their liaison offices in Dhaka or are persuading their regional partners to do so, as this would facilitate them to procure garment products at a lower rate as compared to those from the other competing countries.
Bangladesh, which is preferred as a source of economical garment products, exported $10.26 billion worth of garment products in the first half of the current financial year, as over the corresponding period last year.
While knitwear, the country's key foreign exchange earner, registering a year on year rise of 43.39 percent contributed $4.31 billion to overall garment exports, and woven garment items too grew by 40.79 percent and contributed $3.63 billion to the export value during the period under consideration as over the corresponding period last year.
The ready-made garment (RMG) items too registered a growth of 41 percent in exports. The western buyers, functional in Bangladesh, have raised the quantum of orders that they placed with the domestic producers in Bangladesh after reviving from the global economic slump.
Bangladesh's garment producers are quite optimistic about attaining the $30 billion export target over the next three years. This is also because China, the world's largest exporter of garments, is confronted with issues like dearth of skilled manpower and high production cost, and has thus started laying more focus on industries other than the garment industry.
The market for Bangladeshi apparel items, so far has remained positive. But then, insufficient supply of gas and energy to the industrial sector is a major concern for the country. Furthermore, such impediments delay the supply schedules of the factories and even impacts the international buyers as they too cannot make timely deliveries, at times.
Fibre2fashion News Desk - India
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