Bangladesh'S Five Potential Markets For Clothing And Apparel Industry

M Abdur Rahman, former director of Bangladesh Export Promotion Agency (EPB), said that in terms of trade, Rachman said

In a seminar on the RMG Market: Japan, Russia and Latin America, Mr. Rachman said Bangladesh ranked seventieth in the world trade exporting countries, Bangladesh ranked sixty-eighth among the importing countries.

Mr. Rachman said Bangladesh's clothing industry has a unique position.

He said: "Bangladesh is the largest.

Mr. Rachman said that in the 2009-10 fiscal year, the garment industry accounted for 78% of Bangladesh's total exports. He added that strong export growth showed that clothing exports could reach about $22 billion by the end of this fiscal year (June 2011).

The former Secretary stressed that Bangladesh needed to find new markets.

Currently, Bangladesh exports mainly to the United States, Canada and European countries.

He revealed that Bangladesh clothing exporters and Manufacturers Association (BGEMA) and Bangladesh knitwear manufacturers and Exporters Association (BKMEA) have explored new markets for ready made garments during the recent recession.

It turns out that five countries - Russia, Brazil, Mexico, Chile and Japan - may be potential markets for clothing exports.

Russia and Brazil are becoming new participants in the world economy. Therefore, there is great room for exports to these countries.

He suggested that exporters of garments and garments in Bangladesh should recognize their agents in Russia and promote their product sales.

Mr. Rachman said: "Mexico is a free market with a $one trillion economy.

"90% of Mexico's trade has been carried out under the free agreement. Mexico has signed free trade agreements with more than 50 countries, including Japan, Guatemala, Honduras, Salvatore and the European Free Trade Area.

He suggested that Bangladesh should sign bilateral relations with Mexico.

Mr. Rachman says Chile has the highest sovereign bond rating among Latin American countries.

Chile is a market-oriented economy, famous for its powerful financial institutions.

In addition, because of the signing of 57 bilateral and regional trade agreements, Chile has a high degree of dependence on foreign trade.

Governance has signed agreements with the European Union, China, India, Mexico and South Korea.

Therefore, Mr. Rachman called on Bangladesh and Chile to sign bilateral trade agreements to promote the export of garments and garments.