India continues to prove how tremendously potential its market can be for Bangladesh’s apparel industry, as the country showed a gain of 168 per cent for a consecutive month in October 2018.
According to latest data released by Bangladesh Export Promotion Bureau, apparel exports to India stood over US $ 187 million during July-October 2018, the first quarter of FY 18-19. During the same period in the last fiscal, the figure stood at US $ 69.7 million.
Last month too, exports to India surged at 167 per cent gain with US $ 145 million. For the individual month of October, the apparel exports amounted to over US $ 42 million.
Further analysis into the data by Apparel Resources show, woven garment items were the most popular in India during this first quarter. It procured over US $ 136 million worth of woven products, up more than three times (300 per cent) from the same period last year. Knitwear fetched over US $ 50 million, a gain of double.
Reportedly, Bangladesh’s apparel manufacturers have attributed the remarkable surge in exports to India to foreign brands and retailers opening up a number of outlets and stores in India – which, in turn, have been sourcing heavily from Bangladesh.
Notably though, India has been growing into a good potential market for Bangladesh’s apparel manufacturers and exporters. Last fiscal (2018-19), apparel exports to the country from Bangladesh witnessed a 100 per cent gain – a trend which is still continuing.