South Korea, after China, Japan and India, is emerging as the fourth largest Asian market for Bangladesh apparel products.
Being Asia’s fourth biggest economy, South Korea has become a lucrative destination for Bangladesh’s garment industry with apparel exports to the country nearly doubling to US $ 80.01 million in the last financial year. The slowing down of shipments due to reductions in orders from its traditional markets of Europe, US and Canada, have forced the garment manufacturers to set their sights on new markets.
Shipment of clothing accounts for more than 80 per cent of the country’s US $ 24 billion exports. “Korea is a good emerging market for our products thanks to the quality and competitive price we offer,” said Shafiul Islam Mohiuddin, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently.
