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Bangladesh looks for new markets for its garment products

Bangladesh’s garment exports to non-traditional markets increased 3.4 per cent year-on-year in July-December of the current fiscal year. For Bangladesh, non-traditional markets are those other than the European Union, US and Canada. Of the non-traditional markets, Bangladesh’s garment exports to Japan registered the highest growth in the July-December period. Japan is the biggest export destination for Bangladesh in Asia. Apparel exports to Japan rose 6.55 per cent.

Japan wants to reduce its dependence on China. Right now more than 80 per cent of Japan’s apparel imports are from China. The country is looking at Bangladesh as an alternative. Other promising non-traditional markets for Bangladeshi garments are Russia, Australia and China.

Bangladesh began giving cash incentives on garment exports to emerging markets to offset the fallout from the global financial meltdown in 2007. These cash incentives on export to non-traditional markets drove growth over the years.

Subsequently, exports to India, China, Russia, Japan, South Africa, Turkey, Brazil, Chile, Mexico, South Korea, Malaysia, Australia and New Zealand started to rise. The cash incentive for apparel exporters was five per cent in 2009-10, four per cent in 2010-11 and two per cent in 2011-12. They still receive a two per cent incentive for exports to new destinations.