RMG sector earning may reach $30-35b in 4-5 yrs

The earning from garment sector may be taken up to US$ 30-35 billion in the next 4-5 years by ensuring power, infrastructure and port facilities, and maintaining law and order situation, said FBCCI President A K Azad.The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) chief said the local RMG industry’s growth was 40 per cent last year, and it will start increasing significantly within a short time. For this the government has to ensure logistic supports for the sector.

He said these at the inaugural ceremony of International Apparel Machinery, Fabrics and Accessories Tradeshow of Bangladesh at Bangabandhu International Conference Centre in the city Wednesday.

The three-day fair was jointly organised by Zakaria Trade and Fair International and ASK Trade and Exhibitions Pvt Ltd. It will continue from January 12 to 15, and as many as 150 companies from 24 countries will display their products at the 10th edition of Garmentech Bangladesh and IFA Sourcing Fair.

Industries Minister Dilip Barua was present as the chief guest of the programme.

Source: thefinancialexpress-bd.com

Bangladesh:Apparel tech show starts Jan 12

The tenth edition of Garmentech Bangladesh show will be held at Bangabandhu International Conference Centre in Dhaka from January 12-15, showcasing the latest machinery and technology in the garment sector.Zakaria Trade and Fair International and ASK Trade and Exhibitions Ltd will organise the event, said a statement yesterday.

Source: thefinancialexpress-bd.com

RMG export growth in US highest among competing countries

After a short spell of stagnation due to global recession, Bangladesh’s exports of RMG products is surging again to the US market, reports UNB.

More important, Bangladesh is outpacing all competing countries as far as RMG export to the US is concerned.

According to the Commerce Wing report of Bangladesh Embassy in Washington DC, Bangladesh exported $409 million worth of RMG products in August 2010 while the same amount in August 2009 was only $289 million, marking a spectacular 41.5 per cent growth.Compared to the Bangladesh’s monthly August, 2010 growth of 41.5 per cent, exports from China grew by 28.81 per cent, Vietnam by 24.59 per cent, Indonesia by 23.84 per cent, India by 13.12 per cent and Cambodia by 27.38 per cent, as per data released by US International Trade Commission (USITC).

Bangladesh is currently the 4th largest apparel exporting country to the US market, trailing behind only China, Vietnam and Indonesia. Not long ago, Mexico’s apparel exports was significantly higher than of Bangladesh which is reversed in the recent months.

The rising production cost of making apparels in the competing countries and also recent tug of war between US and China over undervalued currency, along with other factors, are contributing to higher level of sourcing by the US based importers from Bangladesh.