Readymade garment (RMG) exports to Japan exceeded one-billion mark in 11 months from July to May in the last fiscal year 2018-19, according to RMG news portal. The real figure is $1.03 billion to firmly establish Japan as the 8th export destination after USA, Germany, UK, Spain, France, Italy, Canada and Poland where Bangladesh makes the bulk of its garment export.
Japan has also emerged as the first Asian country providing the billion dollar export market for garment and many believe that Japan may far exceed other major export destinations in America and other European countries. The overall exports to Japan in 11 months meanwhile stood at $1.29 billion including $1.03 billion garment exports.
Bangladesh exported $31.73 billion worth apparels from July to May of the last fiscal 2018-19 which was above 2.06 percent higher of the target and $3.6 billion higher from the corresponding period of the previous fiscal. During this period export to the US and EU markets showed a modest growth but it grew spectacularly to Japan market. In the previous fiscal 2017-18 garments export to Japan fetched $846 million.
But during 11 months of the last fiscal 2018-19 garment export to Japan has just exceeded one billion dollar mark; which is 30.96 percent higher over the previous year’s exports. The final export covering the June figure may look further spectacular, the report said. The steady rise in apparel export to Japan occurred in the recent past despite the Gulshan Holy Artisan tragedy in July 1, 2016 in which seven Japanese lost lives in terrorist attacks.
But the latest trade figure suggests that Bangladesh has been able to overcome the bitter feeling of Japanese people to secure the removal of travel ban of Japanese people nationals to Bangladesh and moreover has scored the brilliant trade record. It may be mentioned that Bangladesh started to win greater market access to non-traditional market over five years back when Prime Minister Sheikh Hasina announced 4 percent export incentives for searching new market.
The action appeared very timely to push exporters to break the barriers of new market hitherto remained largely unexplored. Latest figure shows garment export to non-traditional market in July-May period of 2018-19 stood at $5.32 billion; which is 16.77 percent of the overall garment exports during this period.