Garment exports to new destinations grew sevenfold to $5 billion in the last one decade buoyed by market diversification drives and the government's stimulus package set aside for exploring opportunities in emerging markets, exporters said.
The country's garment shipment to the emerging markets was $700 million in 2009, according to Faruque Hassan, vice-president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Except for three traditional markets, namely the US, the EU and Canada, all other markets are considered as the emerging or new export destinations for Bangladesh.
India, China, Russia, Japan, South Africa, Turkey and Brazil are among the major non-traditional markets for the garment sector.
Exporters started exploring the new destinations as part of market diversification efforts in 2009. In the same year, the government introduced a stimulus package to help exporters weather the fallouts from the global financial crisis.
Currently, the government gives 4 percent export incentive against garment shipments to new destinations.
“We are on the right track. We need to do more. However, we need to get proper prices from buyers,” Hassan said at a press conference at Sonargaon hotel in Dhaka.
Bangladesh Apparel Exchange (BAE) organised the briefing to announce the schedule of the second Bangladesh Fashionology Summit, which will be held at the International Convention City Bashundhara in Dhaka on May 2.
Speakers from 15 countries will take part in different sessions at the summit, said Mostafiz Uddin, the founder of the BAE.
He also said the market size of the global smart clothing items would be $130 billion by 2025. “We need to explore this market.”