Consequent to buyers in the US $ 10.5 billion South Korean apparel market looking at moving orders out of China — Korean market currently sources around 34 per cent of their clothing items from Beijing — on account of rising cost of production, garment makers in Bangladesh are looking at expanding their footprints there.
This was claimed by media reports which cited industry insiders in this regard even if according to the BGMEA, Bangladesh expects to hit the US $ 1 billion mark export to Korea in the current fiscal year with a diverse basket of apparel items.
Reports further added Korean brands and buyers are showing keen interest in increasing their sourcing from Bangladesh owing to the competitive prices offered by Bangladesh apparel makers even if according to the country’s Export Promotion Bureau (EPB), since 2017, Bangladesh’s stake in the Korean clothing market has kept on growing but at a slow pace and reached a little over 4 per cent with export earnings at US $ 440 million in FY ’22.
