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RMG exports to Germany now recovering

Star Business Report
The sliding garment exports to Germany, the second biggest export market of Bangladesh, is gradually recovering from late last year, says Holger Fraider, deputy head of the mission, German Embassy in Dhaka.
The labour unrest in the readymade garments (RMG) sector, he says, had shaken buyers’ confidence driving them away to other countries last’ year. Consequently bilateral trade with Germany
dipped by 8.8 percent.
“But from late last year, old buyers started coming back to Bangladesh,” said Holger without specifying export figures as these are still not available.
"We don't know the exact reasons, but buyers who went away previously arc coming back to Bangladesh. May be it's because Bangladesh is giving the best deals and the port is functioning better than before," I lolger told some jour nalists in the city yesterday.
Ihe two-way trade in 2007
amounted to 1.71 billion Euro compared to 1.88 b Euro in 2006. Bangladesh export to Germany in 2007 amounted to 1.50 b Euro, showing a 4.8 percent decrease and Bangladesh import from Germany amounted to 215 million Euro, showing a decrease of more than 29 percent during the period.
About 96 percent of Bangladesh exports to Germany consisted of readymade garments articles, followed by seafood (1.5 per cent) and jute and jute prod-
ucts (less than 1 percent).
But this scenario would improve this year, Holger expressed his hopes, “buyers are gaining confidence.”
Among German goods sold in Bangladesh, the largest single product group is machineries for textile, leather and other industries amounting to one third of the German exports to Bangladesh in 2007. Telecommunication equipment amounts to 12 percent followed by electronic equipment with 11 percent. Ihe chemical product accounts for 7 percent
and medical equipment for 5 percent
The bilateral trade with Germany has developed well from 2002 to 2006 registering a very respectable 88 percent increase in just 4 years. In 2006 alone the bilateral trade increased by 29 percent. Bangladesh exports to Germany increased by 33 percent and imports from Germany increased by 18 percent.
Meanwhile, the German Office for Foreign Trade assigned its correspondent Boris Alex to study Bangladeshi investment
market. Boris is now in the city to meet various business leaders and government officials as part of the job.
According to Boris, Germany may be interested in investing in power, infrastructure, textiles machinaryetc.
"Bangladeshi GDP is close to that of India. Business is happening here,” he said, adding that investors feel confident when there is political stability and continuity of policies.
Last year two German shipping companies signed agree-
ments worth around SI50 million with Ananda Shipyards Shipways Ltd (ASSL) to build 10 ships. Of these. 4 ships are container vessels with capacity for 6100 tonnes each and 6 ships are bulk vessels with capacity for 5500 tonnes each. The ships have to be built by June 2010. Komrowki Maritim GmbH and Wessels Redee^ei GmbH signed the deals with Ananda after inspecting their ship building facilities and structures in Bangladesh on the river Meghna.