Target $100b export by 2030: BGMEA focuses on Asia, non-cotton items
Bangladesh’s garment manufacturers are pinning their hopes on the burgeoning Asian markets and the growing use of non-cotton apparel items to elevate their export earnings to $100 billion by 2030. Garment shipment clocked 35.47 per cent year-on-year growth in the fiscal year of 2021-22, netting $42.61 billion. Due to a lack of market diversification, 73 per cent of Bangladesh’s garment exports are limited to nine countries — the US, Germany, the UK, Spain, France, Italy, the Netherlands, Canada, and Belgium. Under the initial assessment, the BGMEA and the two partners are looking at the Asian markets as a major destination alongside the existing top three destinations, namely the European Union, the US, and Canada Asia’s apparel market is projected to be $613.70 billion in 2022, with the market expected to grow annually by 5.35 per cent from 2022 to 2026, according to German market and consumer data provider Statista. Among the Asian countries, garment shipment from Bangladesh to Japan has already moved past the $1-billion mark. It rose 16.27 per cent to $1.09 billion in the last fiscal year. In total, receipts from garment shipment in the non-traditional markets were estimated at $6.37 billion, an increase of more than 25 per cent to $5.08 billion in FY21.
Rubber industry’s contribution to nat’l economy rising
Contribution of the rubber industry to the national economy is increasing with a steady progress in the production of high quality rubber and rubber export. Bangladesh Forestry Development Corporation has created 18 rubber plantations on about 40,000 acres of land. To involve the private sector, 33,000 acres of government land in Chittagong Hill Tracts have been leased for rubber cultivation, according to the environment ministry.
100 firms to join int’l expo on printing technology, packaging from 8-10 Sept
Around 100 companies from home and abroad will participate in a twin expo on printing technology and packaging to be held from 8-10 September under one roof in the capital. Printing Industries Association of Bangladesh and ASK Trade and Exhibitions Pvt Ltd are jointly arranging the 2nd edition of PRINTECH Bangladesh 2022, an international technology trade show on printing machinery, parts, and consumables at the International Convention City Bashundhara. Together with Events Pvt Ltd of India, Futurex Trade Fair is organizing 3P Bangladesh, an international trade show relating to paper, plastic, and packaging at the same venue. Now about 7,000 printing industries are operating throughout the country out of which almost 2,000 printing houses can be considered modern and updated in technology. The current market size of the printing industry is over Tk4,000 crore a year, out of which Tk160 crore is export-oriented. Moreover, about 3 lakh people are engaged in this sector.