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Sweater exports mark rapid rise

Refayet Ullah Mirdha
Sweater item exports are increasing rapidly as Bangladesh has become a lucrative destination for readymade garments (RMG) outsourcing on the appreciation of Chinese currency and increase in workers' wages in competing countries, according to industry insiders.
The item manufacturers said orders from buyers are huge, as many RMG manufacturing countries are now reluctant to make sweaters because production of the item is more labourious than other garments.
Many Chinese apparel mak-ers have recently either switched over to other business or suspended the production on a decline in buying orders and higher cost of doing business due to a hike in workers' wages
Export Promotion Bureau (EPB) data shows sweater products worth US$1.47 billion were exported in the immediate past 2007-08 fiscal year (FY) against $1.24 billion exports in FY2006-07.
Meanwhile, many RMG factory owners have enhanced their capacity, or opened up new factories to cope with the growing demand for sweater items from foreign buyers.
SQ Group, one of the largest sweater exporting factories, has already signed a joint venture agreement with the UK-
based Crystal Martin Group, a sweater factory, to produce the export item in the country.
The joint venture unit is expected to go into production next month, said Shah Nawaz Mohammad Sabbir, a senior manager of the SQ Group.
"The SQ Group has already four sweater factories in operation. It has a plan for further expansion shortly to meet the buyers' growing demand," he added, pointing to the fact that foreign buyers like Bangladesh's sweaters because of better quality in stitching and good finishing.
Dragon, Tupa, Starlight and Diganata groups are some other major players in sweater manufacturing. In Bangladesh, the February-September period is the peak season for sweater production
Wal-Mart, Marks and Spencer, GAP, Tesco, H and M, JC Penny and Zara are the major buyers of Bangladeshi
sweater products, industry people said.
"We expect the overall exports of the item to cross $2 billion mark this fiscal," said Shahidul Islam, managing director of Rupa Group.
Shahidul, also the vice-president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said at present there are 680 sweater factories across the country.
He said in most cases designs are supplied by buyers as attractive designs are yet to be developed here.
EPB said the country fetched USS14.110 billion from overall exports in FY 2007-08, registering a 15.87 percent growth over the previous fiscal. Of the total export earnings, only woven and knitwear, the two sub-sectors of RMG, fetched $10,699 billion during the last fiscal.
reefat@thedailystar.net