Apparel Online Bangladesh Magazine November Issue 2018 | Page 8

FROM THE EDITOR-IN-CHIEF’s DESK… Minimum wages apart, Bangladesh poised for growth As the landmark year of 2021 is inching closer, Bangladesh seems to have stepped on the gas to achieve its long-cherished goal of US $ 50 billion in apparel exports. As per available data, Bangladesh has continued with its good show in both Europe and USA. If US remained the top destination for the country’s apparel exports in the first three months of the current fiscal year registering a growth of around 3 per cent, countries from Europe have also been doing pretty good, barring UK. As per information from EPB, apparel exports to the US during July- September 2018 amounted to over US $ 1.5 billion, a 3 per cent growth from the US $ 1.45 billion worth of shipment during the same period last year. The scene is even more encouraging when it comes to Germany, which has emerged as the key growth accelerator, coming close behind USA in second spot, and UK bagging the third position. Bangladesh’s apparel exports to Germany – the biggest importer of its apparels during 2017-18 – amounted to over US $ 1.48 billion, registering a 6.7 per cent growth from what was US $ 1.38 billion last year. For September alone, the export figure stood at US $ 444 million. Despite holding on to the third spot, United Kingdom failed to perform as per the billing, with apparel imports from Bangladesh falling by nearly 7 per cent. However, what was heartening for me to note was that India, which is a strong ally of Bangladesh and has been with it through the thick and thin, is emerging as a strong export destination for the former. Bangladesh’s apparel exports to India continued to skyrocket with 167 per cent growth during the first three months of fiscal 2018-19; reminding, once again, how big the neighbouring market’s potential is. According to EPB figures, apparel exports to India stood over US $ 145 million during July-September 2018, which was US $ 54.3 million during the same period in the last fiscal year. Overall, the export earnings from India grew to US $ 375 million in the first three months of the current fiscal year as against that of US $ 155 million in the corresponding period of last fiscal. EDITORIAL TEAM EDITOR-IN-CHIEF Deepak Mohindra EDITOR Ila Saxena DEPUTY EDITOR Deepankar Shyam COPY EDITOR Veereshwar Sobti SUB EDITOR Priyanka Mishra CREATIVE TEAM Raj Kumar Chahal Peeush Jauhari Satyapal Bisht PHOTO EDITOR Gaurav Naroola OPERATION DIRECTOR Mayank Mohindra PUBLISHER & Renu Mohindra MANAGING DIRECTOR [phone], 01964874405 [email protected] COUNTRY OFFICE Apparel Resources Private Limited Apartment B-2, House No. 26, Road 18, Block A, Banani, Dhaka - 1213, Bangladesh Phone: [phone] At the cusp of retail revolution with fashion retail market (currently at US $ 46 billion) expected to reach US $ 115 billion by 2026 growing at a promising CAGR of 9.7 per cent, India as a market, if exploited well, in my opinion, has the potential to make up for many of the conventional export destinations from Bangladesh’s perspective. HEAD OFFICE Another welcome development in the Indo-Bangla relationship that could have far reaching implications for the apparel sector of Bangladesh is India’s recent decision to invite Bangladesh to use two of its ports in Kolkata, which can potentially reduce lead time significantly. The move comes as part of a Government-level agreement between the two countries to share each others’ ports for shipping and transporting products and goods. SUBSCRIPTION RATE However, one concern that still bothers me is the issue of new minimum wage, which seems to have failed to find wide acceptance amongst the stakeholders, with many still denouncing the same terming it ‘inadequate’ so much so that BGMEA had to call upon all to come forward and help the industry in implementing the new pay structure. With the New Year just round the corner, I hope the issue gets sorted out sooner than later to allow the industry to continue with its dream run and touch new heights in days to come. 8 Apparel Online Bangladesh | November 2018 | www.apparelresources.com Apparel Resources Private Limited B-32, South Extension-1, New Delhi-110 049 (India) Phone: [phone], E-mail: [email protected] Web associate: www.apparelresources.com Yes, I wish to subscribe to Apparel Online Taka 2400.00 12 issues *This rate is valid only for subscription in Bangladesh International subscription (in Dollar) - Credit Card using www.apparelresources.com Telegraphic transfer to Bank Account No. 03192320003806 (Swift No:HDFCINBB) with HDFC Bank, D-9, South Extn. Part-2, New Delhi-110049. INDIA SUBSCRIPTION ENQUIRY ADVERTISEMENT AND GENERAL ENQUIRY [phone] [email protected] [phone] [email protected] [phone] [email protected] [phone] [email protected] [email protected]