Export earnings from Germany in the July-February period of FY ’ 18 stood at US $ 3.92 billion which is US $ 23.22 million higher than earnings from the US ( US $ 3.90 billion ) in the period , so reflects the data from the Export Promotion Bureau . This has come as the much-needed respite to the Bangladesh apparel exporters , reeling under the slow growth in US market , till Germany emerged to cover up for US and saved the day for them . But can Bangladesh bank upon Germany as a long-term ally for apparel exports …? Apparel Online delves deeper to give a low-down on Germany , and its prospects from Bangladesh ’ s standpoint . Economic superpower with high consumer spending
Renowned for its technological innovation , art and science , Germany not only plays a leading role in Europe ’ s economic and political field , but it is also the largest economy in the Euro zone ( Germany is often regarded as an economic leader of Europe ) and the world ’ s fourthlargest economy with GDP of US $ 3.70 trillion in 2017 .
Boasting per capita GDP of US $ 48.10 ( 31st in the world ), German consumers enjoy higher spending
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Armed with the right market information and insight and knowledge of appropriate distribution channels , apparel exporters stand a good chance to increase their market share in Germany , more so in the light of relaxed import regulations . |
power than many . Though majority of the German population are ageing ( the average age is of 47.1 years ) with consumers over 50 years of age constituting the biggest high-buying power group ( 50 per cent of the buying power per capita ), Germans ’ spending is said to be largely based on the criteria of quality , comfort , convenience , and price .
As per a recent Reuter report , the German Government has reportedly raised its 2018 growth forecast to 2.4 per cent from the previous 1.9 per cent , with exports expected to grow by 5.3 per cent and imports expected to rise by 5.8 per cent this year .
Employment is further predicted to grow by 4,90,000 to reach a record high of about 44.8 million in 2018 , while unemployment is seen as falling to 5.3 per cent from 5.7 per cent in 2017 ; household spending is all set to grow further as consumers benefit from record-high employment , increased job security , rising real wages and low borrowing costs , thereby ensuring that the Europe ’ s largest economy is firing on all cylinders .
Industry Synopsis
The second-largest consumer goods market after food and beverage ,
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textile and clothing industry is one of the most important sectors of Germany .
Germany is not only one of the prominent exporters of textiles and clothing globally but is also the second largest textile importer after the United States . This has turned Germany into a very significant market for many textile exporting
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