The increasing garment export to China explains that it becomes the biggest destination for Bangladesh. China is the global leader for apparel business and is obvious to turn into a major export destination for the Bangladesh. The reason for so is the massive population with a growing section of middle-income households.
Bangladesh’s garment export to China increased 14.77 percent year-on-year to $391.59 million in fiscal 2016-17. This is considered as a sign of new opportunities by the exporters. During the 2008-2009 global recessions, global trade experienced a significant slump but Bangladesh’s export got a boost for increased shipments to China.
According to the director of a leading garment exporting company, Ananta Group, Asif Zahir,“Garment export from my group has been maintaining 10 percent growth every year to China. China is a new destination for us.” The company exports garment products, mainly of denim and trousers, worth US $15 million last year for retailers like H&M, GAP and Zara who is his main buyers from Chinese markets.
In fiscal 2016-17, to China, overall Bangladesh export also increased by 17.49 percent to the US $949.41 million from the US $808.14 million in the 2015-16 fiscal, according to data from Bangladesh Export Promotion Bureau. Very soon China would become the second Asian market after Japan for Bangladeshi exports to cross the US $1 billion marks.
Anwar-ul-Alam Chowdhury Parvez, a former president of Bangladesh Garment Manufacturers and Exporters Association said that; “The Chinese market would grow automatically as they have already shifted from producing basic items. We should maintain a warm relationship with China for higher export.”
As for now about 80% of the Chinese garment products are produced locally and for local consumption. In such situations, producers like Bangladesh can earn more benefits by focusing on the Asian economic boss.
