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RMG exporters see robust growth in new markets

Refayet Ullah Mirdiia
Garment exports to new destinations logged a robust growth last year, as the makers were looking for new markets due to the ongoing financial crisis in their traditional western markets.
Garment makers said they started diversifying markets in the face of shrinking demand for apparel items during the global recession in 2007 and 2008.
Their aggressive marketing drive is paying off now, they added.
Markets except for the US, Europe and Canada, which take more than 90 percent of Bangladeshi garments, are considered the new export destinations.
However, although export growth is phenomenal for the new destina-
tions, it is not high in terms of value compared with the traditional markets, according to data from Export Promotion Bureau.
Of the total earnings of $17.92 billion from garment exports in fiscal 2010-
11, $1.39 billion came from these 11 new destinations, with a 75.08 percent rise from ayear ago.
Of the total earnings from the sector, $10.51 billion came from Europe, $4.62 billion from the US and $894.67 million from Canada. Other countries accounted for $491.57 million.
David Hasanat, chairman of Viyellatex Group, said it is true that Bangladesh has a huge potential in the new markets. "But we have to exploit the new destinations seriously to attract new buyers,” he said.
“First, we have to gain confidence of the new customers for long-term business,” he said.
Bangladesh will not face difficulties to serve even the most high-end customers as the country has already improved its capacity to grab the upscale markets, he added.
The exporters' commitment and high quality of products are the main driving forces behind the rise in exports of garment items to the new destinations, said Nasir Uddin Chowdhury, vice-president of Bangladesh Garment Manufacturers and Exporters Association.
“The government's stimulus package for exploring new export destinations also played a significant role,” he said.
He said the government should strengthen the activities of the commercial wings of its foreign missions in the new markets to help maintain the higher export growth.