Garment Industry In Bangladesh Will Expand The Japanese Market
Bangladesh garment manufacturers said they will expand the Japanese market to make up for the reduction in orders due to the global financial crisis.
In the 2007-2008 years, Bangladesh's clothing exports amounted to US $10 billion 700 million and grew by 17%, of which 90% of our products were exported to the United States, Canada and Western Europe.
Bangladesh's major garment group said that the financial bubble in the traditional market has seriously affected consumer spending, resulting in a decline in orders in September. Garment trade is the cornerstone of Bangladesh's manufacturing sector, accounting for 80% of Bangladesh's total exports and 40% of industrial employment.
The US economy declined in 2001-2002 years, when the garment industry in Bangladesh experienced a slow growth stage. Now worried about the financial crisis, Europe and the United States will experience a long-term economic setback, forcing Bangladesh to change its export focus.
Japan is the fourth largest importer of garments in the world. The export value of garments exported to Bangladesh in 2007 amounted to US $6 million 400 thousand and the total import value of Japanese garments reached US $9 billion 300 million. Therefore, Bangladesh will enter the Japanese market when its economic and trade environment is becoming more and more serious in the future.
(Jia Xiao)
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