Latin America is turning into a major export destination for Bangladesh riding on higher apparel shipments at competitive prices as part of the country’s efforts to diversify.
Bangladesh is poised to become the source of most of the European Union’s (EU) apparel as China, the largest apparel supplier worldwide, is witnessing a decrease in its share of trade with the bloc.
As the global economy is threatened by recession, RMG makers will have to come up with strategies to deal.
Apparel exports to the US, Bangladesh’s single largest export destination, jumped 15.57 percent to $1.63 billion in the first three months of the year, which the exporters and experts attributed to the ongoing trade war between the US and China. Ready made garments was not in the list of the items
Bangladesh's target to double its apparel exports by next five years is daunting but achievable if the country can fix infrastructure bottlenecks, boost productivity and attract investment. “The target is very simple, but a challenging one,” said Sharif As-Saber, a Bangladeshi professor at RMIT University, an Australia-based public university.
