In five years Bangladesh’s garment exports to Japan doubles
Apparel exports from Bangladesh to Japan have nearly doubled in last five years. The country has been focusing on the Japanese market consistently . Bangladesh enjoys duty-free access in the Japanese market since 2011, starting with woven garment followed by knits in 2015. The rise in exports to Japan is also attributed to ‘China-plus policy’ and relaxation of its rules of origin. However, many industry experts feel that Vietnam and Myanmar are the gainers in taking the China-plus policy more than Bangladesh.
In Bangladesh, Garment exporters fetch cash incentives at the rate of 4.0 per cent for exporting garments to the unconventional markets and Japan is one of the most important and potential markets beyond traditional ones; most promising export destination in Asia.
During July-March period of fiscal year of 2018-19, the country exported garments worth $826.26 million, almost 37.59 per cent growth over the corresponding period of last fiscal. The country’s overall exports to Japan reached $1.13 billion while its import stood at $1.87 billion in FY 2017-18.
About 75 per cent of Bangladesh’s export to Japan consists of garments. First three months (Jan-Mar 2019) of export to Japan has been $325 million, which reflects that the potential to export this year will be around $1.3 billion for RMG. Bangladesh Garment Bangladesh Garment Manufacturers and Exporters Association Export Promotion (BGMEA) President Dr Rubana Huq is currently visiting Japan with other delegates accompanying the country’s Prime Minister, Sheikh Hasina which reflects the country’s serious efforts to increase garement exports to Japan.
Japan is the world’s third largest apparel importer and the fourth largest apparel market in the world after China, the USA and Germany. The size of apparel market in Japan is expected to reach over $ 90 billion by 2021.
Bangladesh Garments News