Bangladeshi knitwear exporter plans to open up Japanese market

Due to the sharp decline in export orders in recent months, Bangladeshi knitwear manufacturers are exploring new markets, including Japan, especially after the debt crisis in some EU countries.

From July to October 2011, knitwear exports decreased by 17% year-on-year, compared to an increase of approximately 38% over the same period in 2010-11.

In the fiscal year 2010-11, clothing exports in Bangladesh generated revenue of US$18 billion, a substantial increase of 42% year-on-year. However, knitwear exports to two markets, the EU and the United States accounted for 85%. Therefore, the main exporters are very dependent on these two markets. Any economic downturn in these markets is destined to have a negative impact on exports and reduce export orders.

In order to reduce their dependence on the EU and the US market, Bangladeshi knitwear manufacturers have visited Russia and plan to visit Japan in January 2012.

From July to October this year, Bangladesh exported US$53 million worth of knitted products, compared with US$94 million in 2010-11.

Vice President, Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA). Hatem confirmed that they will visit Japan. He said: "We will visit Japan on January 23rd to participate in the three-day fair held in Japan on January 25-27, 2012. We will participate in the exhibition activities in the Bangladesh exhibition hall. Perhaps our commerce minister will also Accompany our 100-person delegation in the knitting industry."

The vice president of Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA) said: “We will develop the Japanese market more widely. Japan will become a “China plus one” country. Therefore, the knitting industry plans to expand its business in this region. “

He said: "For 15 years, Japan imported 24 billion U.S. dollars in textiles and apparel products from the global market. Of these, 87% of imports come from China, while Bangladesh only accounts for 0.6%. This year, our exports will grow, and we hope to increase Japanese market share."

The Bangladesh Knitwear Manufacturers and Exporters Association is striving to diversify its export market. He said: "In October this year, the BKMEA delegation visited Russia to develop the market and increase our exports to Russia to over 3.7%. In addition, we look forward to the development of the South African and Latin American markets. In the future, we We plan to use India and China as development targets. We think India and China will be our big markets.”