Published:
December 18, 2022, 22:35.12
Many people in Bangladesh, and even outside of Bangladesh could not have imagined that Bangladesh would be able to regain its lost image within such a short period. The country’s reentry into the apparel market has been no accident. However, it does so with an unspecialized product. In the US, and EU, China has been the leading supplier of denim products for the past two decades. This trendy fabric enjoys global popularity with both men and women since the 1980s-1990s. While they were busy making traditional export-oriented clothing, garment producers didn’t give enough consideration to denim products. It remained largely unknown. Denim is gaining ground despite the difficulties faced by the RMG sector in the country and the fall of its production due to global post-Covid developments. It is an uplifting phenomenon. For the miracle, it could have been the perseverance of country’s exporters and innovative producers.
The Dec 14 issue of FE shows that denim garment exports to America grew by 36.23 Percent to US$839.13 Million in the January-October period of 2022. This figure is $ 615.95million in the comparable period of 2021. These figures were provided by OTEXA, an affiliate of the International Trade Administration USA. According to a BGMEA account, denim exports to the European Union grew by 40% between January and August. This is a 40.20% increase. A number of favorable conditions seem to have triggered the denim export boom. The most prominent are the surge in global demand in US-China trade spat and Covid-19 disruptions.
The EU is the main destination for the most Bangladeshi readymade clothes. This can be seen from the Jan-Aug data in 2021/2022. There are some other positive signs, such as the fact that Bangladesh currently tops the list of denim exporters. The ranking shows that Bangladesh is at the top, followed by Pakistan (3rd), Vietnam (4th), and China (5th). When it comes to denim product exports between January and August 2022 Bangladesh made US$ 1,000m. Turkey earned US$ 799.37m while Pakistan was worth US$ 590.45m. In the recent years, it is clear that exports of denim from Bangladesh to the US have increased due to Western buyers following the “China plus one” strategy. Geopolitical considerations may also have led them to diversify their sources of supply, according to a prominent Bangladeshi exporter.
President of BGMEA is pleased to report that Bangladesh has been doing well in the US. One significant fact cannot be ignored: China’s factories remained shut under its ‘Zero Covid” policy. It is impossible to undermine the impressive performance of other countries. International relations are not a one-sided affair. Trade relations are not a permanent friendship or foe between nations. It is only the ability to survive and excel that counts. These are important observations for denim professionals.