Apparel Online Bangladesh Magazine January Issue 2019 | Page 14

EDITOR'S PICK - 2018 THE LATEST NEWS HAVE YOUR SAY For the latest news on apparel and textile, make sure that you visit https://apparelresources.com/top-news/ Write to Apparel Resources, B-32, South Extension-1, New Delhi (110049), India or email: [email protected] << Rebounding Exports < < Despite the achievements in almost all fronts, erratic export has been a matter of grave concern for the industry, especially in FY 2016-17 during which the export growth was mere 0.20 per cent, the lowest in last 15 years. However, come 2018, apparel exports picked up in almost all overseas destinations, thereby once again bringing the focus back on the goal of achieving US $ 50 billion by 2021, which once a distant dream, appears to be very much achievable now. Compliance, << Ethical Sourcing & < < Buyers’ Entities Compliance and ethical sourcing is slowly but surely becoming the order of the day… Increased focus of end-customers has made these two issues increasingly important from both manufacturers and retailers’ standpoint. Adding a new dimension to the issue of compliance is the retailers’ platform of Accord and Alliance. If Alliance has already announced wrapping-up operations in Bangladesh, Accord continues its efforts to ensure staying back a little longer… Till going to press, Accord’s plea to this end is lined up for hearing in the Supreme Court. February What worries me more is the country’s inconsistent export performance, which despite its stellar act for a long time, has wavered lately raising serious question marks on the country’s ubiquitous tag of being the preferred sourcing destination. touch a 15-year low growth of 0.20 per cent in FY 2016-17 to earn US $ 28.15 billion. The industry is aware of where the challenges are and it always pleases me to see the way players at all levels are working to overcome the roadblocks. May Registering a growth of 4.08 per cent in FY 2014-15 during which it earned US $ 25.49 billion in apparel exports (as compared to FY 2013-14’s earning of US $ 24.49 billion), the growth rate showed a glimmer of hope in FY 2015-16 during which the country registered a growth of 10.21 per cent to earn US $ 28.10 billion, only to falter again and It gives me immense happiness to note that after a somewhat lackadaisical performance last year, apparel exports from Bangladesh are getting back on tracks slowly… Shipments to USA, its second biggest export destination, may not be at its pink yet (having registered a miniscule 1.5 per cent growth in the first eight months of FY June social and environment commitments of the future with profitability and sustenance today. Which brings us back to the three intertwined circles of true sustainability – social, environment and economic. From compliance to ethical sourcing…, the journey so far has been full of challenges and conflicts. The players and stakeholders of the garment value chain have struggled not only to come to terms with the realities of global business but also to follow the path, which is best for all. The goal, as defined by the groups that are overseeing the change, sometimes seems too big to achieve in a short period of time. The degree of difficulty is even higher considering the fact that everyone wants to work towards ethical sourcing, but not everyone wants to bear the cost! The dilemma of every business is the same – how to balance 14 Apparel Online Bangladesh | January 2019 | www.apparelresources.com Unless an initiative or movement meets all the three goals, long- term sustainability is not possible. Yet, demands for social sustainability and to a certain degree environment sustainability are now becoming a norm… almost like quality and timely delivery, which are non-negotiable. So, the only factor that remains negotiable and, in all honesty, is the biggest deciding factor when placing an order is the ‘price’… 2018), but exports to the European Union gained momentum recording a growth of 11.7 per cent in this time frame, which is higher than the growth rate for the corresponding period in FY 2017. In terms of denims, Bangladesh, as expected, is slowly but steadily gaining ground in USA having tapped US $ 35.97 million (up by 20.13 per cent) value from export of denim trousers in Men and Boys (MB) category while in Women and Girls (WG) denim jeans, the South Asian giant shipped jeans worth US $ 30.57 million to US, posting 4.81 per cent growth on the yearly note… August The Alliance for Workers Safety is winding up its operations in Bangladesh by December this year, claimed its Executive Director Jim Moriarty recently, which in a way marks a new chapter for the Bangladesh apparel industry. Accord is also expected to make its exit by the year end. As both the buyers’ bodies decide to move ahead handing over the responsibilities to the Remediation Coordination Cell (RCC) – a domestic entity formed through the collaboration of the Government, the BGMEA and the BKMEA, with technical support from ILO – it gives me immense