The Chinese Market Will Become Bangladesh'S Largest Garment Export Market.

In the context of declining demand for traditional export markets in Europe and America, Bangladesh

In the 2016-2017 fiscal year (July 2016 -2017 June), China's exports increased by 14.77% to a total of 392 million US dollars.

The industry believes that China will surpass Japan in the next 3 years to become the largest garment export market in Bangladesh.

According to introducing, the traditional market of Bangladesh clothing export is mainly concentrated in Europe, the United States, Japan and other developed countries and regions.

In the 2016-2017 fiscal year, the country exported $17 billion 750 million to the European Union, its growth rate dropped to 3.49%, and its exports to Japan dropped by 3.88% to $740 million.

Data show that Bangladesh's export growth in the 2016-2017 fiscal year has its lowest level in 15 years, and its annual growth rate is only 1.7%.

Key industries

The export revenue was $28 billion 150 million, and its growth rate was sharply reduced from 0.25% in the 2015-2016 fiscal year to 10.14%.

Professor Siddiqui, a law economist in Bangladesh, believes that if the clothing industry exports maintain the current trend, China is likely to replace Japan as the largest garment export market in Asia in the next 3 years.

Local industry insiders say that with the rapid development of China's economy, the middle-income group with strong purchasing power is growing and is becoming the main export destination group of Bangladesh clothing.

Meng local manufacturers said that compared to the traditional markets in Europe and the United States, exports to China are closer, and a good price can be obtained from brands and retailers.

It is worth mentioning that during the outbreak of the financial crisis in 2008, Global trade shrank badly and Bangladesh exports were also affected, but Bangladesh's exports to China were growing.

Because Meng enjoys preferential tariff reduction policies for exporting garments in China, EU and Japan, and the advantages of Mencius labor cost are obvious, more and more

Began to organize production in Bangladesh, including jeans, T-Shirts, underwear and so on.

Bangladesh is located in South Asia, with a population of over 160 million.

Bangladesh is the second largest garment exporter in the world. The apparel industry has attracted about 4000000 of the country's workforce, 80% of whom are women.

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