Bangladesh is the world’s second largest textile exporter. It is geographically well placed to exploit its well harnessed and oiled ecosystem which started some 35 years ago.
The next Asian tiger dreams of becoming a middle income and developed country by 2041. As of now it's the 77th largest trading nation clocking an annual export growth of 13.6 per cent and 73 per cent of its population is below 40 years.
With garment buyers moving out of China, the sourcing caravan is moving on to the next hotspot: Bangladesh. Its core competencies remain in knits and denims where it already sort of self-reliant. The major export destination remains the EU region but the country is consciously moving to non-traditional markets going forward.
It enjoys GSP facilities to the EU, quota and duty free access to many first world countries. Reputed buyers are making a beeline for Bangladesh’s exporters.
Bangladesh-Australia trade has doubled in the last four or five years. The textile landscape has changed dramatically in the last 10 or 15 years in Australia. The country had many textile mills and factories. But now it is largely an evolved retail market and dependent more or less on imports.