Wednesday, December 4, 2024

RMG exports to non-traditional market flourish again

Exports of readymade garments to 11 non-traditional markets grew by 28.75 per cent year-on-year in the just concluded financial year standing at $2.97 billion,
showed Export Promotion Bureau data.
Experts and exporters said it was a good sign that the export of RMG products, the main export item of the country, was gradually increasing on the new markets.
After a robust 73.26 per cent growth of export of RMG products in the financial year 2010–2011 in the 11 countries — RMG exports to non-traditional market flourish again1Australia, Brazil, Chile, China, India, Japan, South Korea, Mexico, Russia, South Africa and Turkey — growth dipped to 23.17 per cent in the FY 12.
But, the exports in the countries rebounded in the FY 13 as the garment manufacturers increased their focus on those countries because of economic slowdown on the traditional markets in Europe and the United States.
The overall RMG export growth in all markets was 12.71 per cent in FY 13 against 6.56 per cent in FY 12.
The non-traditional markets might be the great future for Bangladesh because of the large number of people in those countries, said the exporters.
The apparel exporters expect that the export to the non-traditional markets will be doubled in a few years as the export earnings witnessed a significant growth in the just concluded financial year.
Of the total export to non-traditional markets, woven items fetched $1.48 billion with 26.89 per cent growth while knitwear amounted to $1.49 billion with 30.66 per cent growth.
Export to the Russian market stood at $139.55 million with highest 42.44 per cent growth, according to data from the Export Promotion Bureau and Research, Development and Trade Information cell of the BGMEA.
The garment export association sent a number of delegations to Russia last year to grab more share of the country’s market.
Despite imposing safeguard duty on imported products from Bangladesh, Turkish market rebounded and the export earnings increased to $415.31million in the FY 13 from $355.93 million in the FY 12.
Among the 11 new destinations, only Turkey had registered negative growth in the FY 12 as the Turkish government had imposed 17.5 per cent safeguard duty on imported products from Bangladesh.
RMG exports to India also increased to $75 million in the FY 13 from $55 million in the FY 12 as the exporters had started to get the benefit of duty-free market access given by the country in September 2011.
In 2007, RMG exporters of Bangladesh had started exploring the new markets.
Centre for Policy Dialogue executive director Mustafizur Rahman told New Age that it was an encouraging sign that the business of Bangladesh was increasing rapidly on the non-traditional markets.
The new destinations might be the big markets in future as the south-south trade potential have been increasing, he said.
‘Now we have to pay attention to the South America and Africa and the stakeholders have to play a big role to expand the new markets,’ Mustafiz said.
He said, ‘The new markets exploring is not only helping us for market diversification but also for the product diversification.’
Bangladesh Garments Manufacturers and Exporters Association vice-president Shahidullah Azim also told New Age that the export growth of readymade garment to the non-traditional market was an encouraging sign.
‘We expect that the export to the new markets will be doubled in few years and the export to China will reach $1-billion mark as well,’ he said.
The RMG export to China fetched $139.14 million in the FY 13.
He said the apparel exporters should continue to explore new markets as the non-traditional markets could help the sector eliminate the risk in some traditional markets.
‘At present, the country’s RMG export depends only on a few selected markets which may bring severe risk for the sector. For the sake of sustainable growth market diversification is a must,’ Azim said.

-With New Age input

Related News

Big price drop on Walton desktops, extra 10% off for online orders

Business Desk : dhakamirror.com Walton Digi-Tech Industries Limited, the leading technology product manufacturing and marketing company in Bangladesh, has come up with a huge price drop on its desktop computers. This attractive price drop is applicable on the company’s AMD Ryzen™ processor-powered Avian series desktops. Under this, customers are enjoying a minimum price drop of ... Read more

bKash wins Mastercard Excellence Awards

Business Desk : dhakamirror.com bKash, the largest mobile financial service (MFS) provider in Bangladesh, recently won an award at the “Mastercard Excellence Awards” in recognition of its exceptional contributions to advancing financial inclusion and fostering a robust digital economy. The MFS provider was awarded by the US-based digital payment provider in the digital business category ... Read more

Dhaka resident buys Marcel fridge, wins car

Business Desk : dhakamirror.com Anisur Rahman, a resident of Uttarkhan, Dhaka, became the first lucky winner of a brand-new car under Marcel’s Digital Campaign Season-21, after purchasing a Marcel refrigerator. This campaign offers customers a chance to win a free car or assured gifts with the purchase of Marcel refrigerators, air conditioners, washing machines, and ... Read more

Banglalink teams up with Vivo to provide special data deals for youth

Business Desk : dhakamirror.com Banglalink, the country’s innovative digital operator, has partnered with vivo to launch a data offer specifically designed for tech-savvy youth. This collaboration aims to provide more convenient access to various digital services and exclusive content. Aligned with the ‘Youth’s Choice Smartphone’ proposition, Banglalink is offering 18GB of free data with the ... Read more

Emirates adjudged Best Airline in the World at the ULTRAs 2024 Awards

Business Desk : dhakamirror.com Emirates has once again been honored with the title of ‘Best Airline in the World’ at the esteemed ULTRAs 2024 Awards. Recognized by thousands of travelers worldwide, the airline stood out for its outstanding products, innovative services, and exceptional value-for-money experiences. Thierry Aucoc, Emirates Senior Vice President Commercial Operations in Europe ... Read more

Remittance rises in Oct, SOBs log larger share

Business Desk : dhakamirror.com Remittance inflow to Bangladesh increased by more than 21 per cent in October compared with that in the same month in the past year, as expatriates favoured official channels, mainly state-owned banks, following a significant political shift in the country on August 5. Bangladesh Bank data showed that remittance inflows reached ... Read more

Oppo celebrates tenth anniversary in Bangladesh with O Fans festival

Business Desk : dhakamirror.com Emphasising celebration and appreciation, OPPO, a leading global technology brand, is excited to announce its SUPER OFFER as part of the ‘O Fans Festival’ to celebrate its 10th anniversary in Bangladesh. The festival theme, “SUPER OFFER,” highlights unforgettable experiences for its dedicated fans through exclusive prizes and substantial super discounts on ... Read more

Bangladesh Travel and Tourism Council launched

Business Desk : dhakamirror.com A new think tank, Bangladesh Travel and Tourism Council (BTTC), has started its journey in a bid to create a network of professionals and businesses to foster collaboration and knowledge exchange in the local travel, tourism and hospitality sector. The council held its first meeting at a hotel in the capital ... Read more

Ethiopian airlines set to touch Dhaka’s runway

Business Desk : dhakamirror.com Ethiopian Airlines, the largest airline in Africa and part of the Star Alliance, will begin operations in Bangladesh next Sunday with its first flight on the new Addis Ababa-Dhaka route. The airline will provide five direct flights each week, giving Bangladeshi travelers access to over 155 global destinations, including major cities ... Read more

Unilever’s 15th edition of BizMaestros launches Nov 3

Business Desk : dhakamirror.com The 15th edition of BizMaestros-UFLP, the flagship business competition of Unilever Bangladesh, embodying the “Thrill of Real Business”, is all set to begin on November 3. As a leading player in the FMCG sector, Unilever Bangladesh has been at the forefront of skill development initiatives for over six decades, establishing BizMaestros ... Read more

Banglalink introduces affordable 4G Phone in partnership with Symphony

Business Desk : dhakamirror.com Banglalink and Symphony have joined forces to launch the “My First 4G Phone” campaign to make 4G technology more accessible and affordable. Through this campaign, they seek to bridge the digital divide by offering high-quality 4G phones at an unbeatable price, empowering more people to benefit from fast, reliable internet connectivity.The ... Read more

Bashundhara Toiletries introduces “Alora 2in1” Hair & Body Wash: first ever in Bangladesh

Business Desk : dhakamirror.com Bashundhara Toiletries announced the launch of “Alora 2-in-1” Hair and Body Wash, an innovative product designed to simplify your daily care routine. As Bangladesh’s first 2-in-1 solution for both hair and skin, Alora offers a unique blend of premium ingredients that cleanse, nourish, and revitalize. “Alora 2-in-1” is formulated with two ... Read more

350cc Royal Enfield set for Bangladesh launch on October 21

Business Desk : dhakamirror.com Ifad Motors, the manufacturer and sole distributor of Royal Enfield motorcycles in Bangladesh, is gearing up to launch the iconic motorcycle brand in the country on Monday (21 October). Four models will be introduced: Bullet, Meteor, Hunter, and Classic and the bikers will have 12 different colour options at competitive prices ... Read more

Luxury car sales slow to a near-stop

Market players blame economic and political uncertainty Jagaran Chakma Sales of luxury sedans and sport utility vehicles (SUVs) have been almost nil since July this year as customers have reined in spending amid the ongoing economic downturn and sudden political changeover in Bangladesh. According to various market insiders, sales have fallen by about 95 percent ... Read more

realme 12: The Speed Dominator launched

Business Desk : dhakamirror.com realme has unveiled its latest handset, the realme 12, in Bangladesh featuring SUPERVOOC charging, fluid performance and photographic prowess. This new device sets unprecedented standards with the ‘Born for Speed’ philosophy in the mid-range segment, reads a press release. At the core of the realme 12 is the Qualcomm Snapdragon chipset, ... Read more

TECNO mobile Bangladesh wins best retailer award 2024

Business Desk : dhakamirror.com TECNO Mobile Bangladesh has been awarded the title of the best retailer of mobile handsets at the prestigious Bangladesh retail congress . This honour is a testament to our unwavering focus on enhancing consumer satisfaction and convenience. We believe that our consumers are at the heart of our success and are ... Read more

Mastercard hold technology conference 2024

Business Desk : dhakamirror.com Mastercard recently organised the “Mastercard Tech Conference Q4, 2024” at a city hotel in Dhaka, Bangladesh, with participants from various banks and financial institutions. Zakia Sultana and Sohail Alim, Directors at Mastercard, Bangladesh, inaugurated the session. Munish Jairath, Director of Technology Account Management, Vageesh Raghavendra, Manager of Technology Account Management, and ... Read more

Stellar performers in Bangladesh travel, tourism and hospitality are honoured

Business Desk : dhakamirror.com The recognition programme, first of its kind in the country, was organised by the travel and tourism publication the Bangladesh Monitor. The programme is supported by Prime Bank PLC, a private-sector financial institution whose commitment to the industry’s growth is unwavering. Online travel agency BuyTickets, travel technology provider Sabre, and tea ... Read more

Businesses urge steps on law and order

Business Desk : dhakamirror.com Business leaders on Saturday sought better business climate in the country and said that issues like law and order situation, rising interest rates and other macroeconomic challenges must be addressed as these factors have impacted the economy negatively. Speaking at a seminar titled ‘Current state of the economy and outlook of ... Read more

Walton launches solar hybrid IPS

Business Desk : dhakamirror.com Walton Digi-Tech Industries Limited, a sister concern of Walton Group, recently launched solar hybrid Instant Power Supply (IPS) units, which are environment friendly, renewable and affordable as well. The price caps of these IPS units start from a minimum of Tk 79,500 and maximum Tk 465,000, depending on the inverter and ... Read more