Bangladesh export earnings saw 28.41% year-on-year to $24.7 billion in July-December of the current fiscal year, according to the recent data by the Export Promotion Bureau. In the same period last year, Bangladesh earned $19.23 billion.
A major portion of this earning is due to rising Apparel export. EPB data show 28.02% growth for apparel export compared to the same period last year.
For December, apparel exports increased by 52.57% to $4.04 billion, where knitwear maintained the growth of 56.57% and woven products 48.17%.
Other notable export products include agricultural products, leather and leather goods, and engineering products.
Bangladesh export to South Korea has doubled in a decade. According to EPB, export to South Korea in 2011 was $244 million but in 2021 it is at $498 million. Major export items for Bangladesh to South Korea are garments, sports and leisure items, and bronze scrapes. Entrepreneurs opined that this export should continue to grow.
Among the $498 million total export to South Korea, garments stood for $323.85 million. There is further room for growth, as South Korea climate is colder it has great demand for jackets and other high-value clothing. Currently, China is the major supplier of cold apparel to South Korea.
Bangladesh mainly imports machinery, petrochemical products, steel and pesticides from South Korea. However, import from South Korea is on the decline, export declined from their peak of $ 1.63 billion to $1.03 billion in 2020.
Bangladesh sweater export has logged 27% growth in the past six years. The global market size of sweaters is around 100 billion. Currently, in Bangladesh, around 400 units are engaged in sweater making. In 2021, there were five new investments made to expand production capacity.
Export growth in this sector is largely due to China pulling out. The other key players are Bangladesh, Cambodia, Turkiye, Vietnam and Myanmar. 20-25 large factories in Bangladesh are currently engaged in sweater export.
Bangladesh export of kidswear to the US has seen significant growth in Jan-Oct 2021. According to The Office of Textiles and Apparel (OTEXA), Bangladesh exported $208.13 million kidswear to the US market. This number represents 22.08% growth compared to the same period in 2020.
According to OTEXA, the USA imported $2.05 billion worth of kid wear in the January to October period of 2021. Among these China accounts for $531.7 million, Vietnam accounts for $312.9, and India accounts for $300.13 million. This also highlights the competition ahead of Bangladesh. USA kidswear market is growing at a rate of 32% YoY.
Photo Courtesy: Canva
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