Bangladesh’s apparel accessory makers and packers are hoping to gain big time by grabbing the share of international market, with China slowly, but surely, getting out of the game.
According to data, accessories and packaging – one of the vital backward linkage to the country’s biggest export item, the readymade garments – fetched nearly US $ 1 billion from direct export to the global market in 2017-18, what was almost a 15 per cent increase.
Bangladesh currently produces and exports a variety of accessory items like leather badges, stone and metal motifs, woven labels, rubber patches, gum tapes, satin and cotton ribbon hangers, price tags, buttons and zippers. Major export destinations are Sri Lanka, South Africa, Malaysia, Vietnam, Cambodia and Myanmar.
Abdul Kader Khan, president of the Bangladesh Garments Accessories and Packaging Manufacturers’ and Exporters’ Association (BGAPMEA), reportedly told the media that they are hoping to make big strides in the international market as China is stepping aside.
He said, many of the accessory factories have been shut down in China due to environmental causes. Also, China is witnessing a major shift towards high-tech industries. “The opportunity is beckoning Bangladesh. We can easily make a move here,” he said.
There is a US $ 24 billion worth market for garment accessories in Asia, of which China holds a major share, Khan said. Now, there are more than 1,650 registered members producing garment accessories and the number is increasing every day. This has caused the major shift from complete reliance of accessory import two decades ago.