Bangladesh aims at hiking apparel exports to South Korea. South Korea currently sources 34 per cent of apparel items from China but due to rising costs, apparel production is increasingly moving out of China and Bangladesh’s entrepreneurs now have an opportunity to capture the South Korean market.
Bangladesh’s apparel shipments to South Korea have seen positive growth over the past five years despite the pandemic-led slowdown. But a big push will be taken this year to capture a bigger share of the market with diversified items such as underwear, denims, shirts, jackets and pullovers as South Korea has a great demand for high-value winter clothing and denim. Other potential products that have good demand in the country include non-leather footwear, home textiles, jute and jute products etc.
And South Korean buyers and brands are also showing interest in increasing sourcing from Bangladesh as the country can offer competitive prices. Bangladesh will also offer South Korea joint cooperation in manufacturing manmade fiber-based products. Among South Korea’s apparel imports, China is the largest export source, followed by Vietnam, Italy, and Indonesia. South Korea happens to be Bangladesh’s 20th largest export partner out of 202 destinations.