Bangladesh Exports to US increase by 18 percent; India & China growing as major buyer countries
Since July 2018 to February 2019, the garment exports to the US increased by 17.78 per cent to $4.59 billion from $3.90 billion in the same period of FY 2017-18 as the American buyers shifted orders from China to Bangladesh due to the constant trade war between US and China. As per the Export Promotion Bureau data (EPB), among the conventional export markets-the EU, the US and Canada, Bangladesh’s export is witnessing highest increase; in July-November of FY19 it increased to $2.83 billion from $2.33 billion in the same period of FY18. Even garment exports to Japan has increased sharply by 29.43 percent from July 2018 to February 2019- $947.34 million from $731.93 million, in same period last year.
Besides the above conventional markets, the emerging markets such as China and India are growing swiftly for Bangladesh. India which was earlier considered as a competition country for Bangladesh is now rapidly growing as a buyer country for Bangladesh’s garments. All the major international brands have opened their stores in India and they are procuring products from Bangladesh for the stores. Export earnings from India in July-February of FY19 increased by 65.48 per cent to $880.31 million from $531.97 million in the same period of FY18.
China story too is same as India; the country has also become a prominent market for Bangladesh. Export earnings from China in the eight months of FY19 grew by 29.84 per cent, taking the total figure to $596.12 million from $459.11 million in the same period of FY18.Bangladesh News