Apparel Online India Magazine November 1st Issue 2018 | Page 52

BEYOND INDIA
Bangladesh's apparel exports to India
skyrocket; grow by whopping 167%
Bangladesh’s apparel exports
to India continue 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 the latest data released by
Bangladesh Export Promotion
Bureau, apparel exports to India
stood over US $ 145 million during
July-September 2018. During the
same period in the last fiscal, the
figure stood at US $ 54.3 million.
Further analysis by Apparel
Online show, India procured US
$ 37.7 million worth of knitwear
items and US $ 107.3 million
worth of woven items. For the
month of September alone, the
current fiscal year from what
was US $ 155 million in the same
period of last fiscal.
knitwear exports amounted to
over US $ 12 million, and woven
exports to over US $ 31 million.
In overall, export earnings from
India grew to US $ 375 million
in the first three months of the
Reportedly, Bangladesh’s apparel
manufacturers have attributed
the remarkable surge to foreign
brands and retailers opening up
a number of outlets and stores
in India – which, in turn, have
been sourcing heavily from
Bangladesh. Notably though, India
has been growing into a good
potential market for Bangladesh’s
apparel manufacturers and
exporters. Last fiscal, apparel
exports to the country from
Bangladesh witnessed a 100
per cent gain – a trend which is
still continuing.
Bangladesh, Sri Lanka soon expected to ink
FTA for apparel trade
Bangladesh and Sri Lanka will be
signing a Free Trade Agreement
(FTA) to expand bilateral trade,
especially for export of readymade
garments, between the two
countries. The agreement is
expected to be signed soon. A high-
powered business delegation of
Sri Lanka, led by its Development
Strategic and International Trade
Minister Malik Samarawickrama
visited Dhaka and discussed the
issue with the Government officials
and apparel trade bodies in this
regard. After meeting the Lankan
delegate at his office, Commerce
Minister Tofail Ahmed addressed
a press briefing where he said Sri
Bangladesh Commerce Minister Tofail Ahmed (left) in discussions with Sri Lankan Development Strategic and
International Trade Minister Malik Samarawickrama at his Secretariat office in Dhaka
52 Apparel Online India |
Lanka will be importing garment
items from Bangladesh. “They
will be importing apparel from us,
adding value to it, and then export
the items to the European Union.
Discussions are underway with
our apparel trade bodies in this
regard.” Also, the Minister said,
the two countries have agreed to
sign an FTA as soon as possible.
“We have completed the feasibility
study in this regard. We have
decided to sign a comprehensive
FTA including the peripherals of
goods, services and investment.”
Additionally, Bangladesh wants
to export construction materials,
medicine and paper to Sri Lanka,
Tofail said. “Also, our investors
are interested in setting up paper
mills and cement manufacturing
units in Sri Lanka. They (Sri
Lanka) too want to expand trade
with Bangladesh.” Sri Lankan
Commerce Minister Malik
Samarawickrama, while briefing
reporters after the meeting with
NOVEMBER 1-15, 2018 | www.apparelresources.com
Tofail Ahmed, said his country was
interested to expand bilateral trade
with Bangladesh. “We will take
necessary steps in this regard. We
will also encourage our businessmen
to this end. We have taken steps
to import ready-made garments,
medicine and construction materials
from Bangladesh. Now, an FTA
will ease bilateral trade.” Among
those present in the meeting were
Shuvasish Basu, Senior Commerce
Secretary; Bangladeshi High
Commissioner in Sri Lanka Riaz
Hamidullah; Additional Secretary
Md Safiqul Islam; Sri Lankan High
Commissioner to Dhaka Crisanthe
De Silva; Sri Lankan Board of
Investment Director Mangla Yapa;
and the country’s Development
Strategic and International Trade
Minister’s Consultant Raiyan
Rockwood. Also, after the meeting,
the Sri Lankan delegation met with
officials of Bangladesh Garment
Manufacturers and Exporters
Association (BGMEA).