Bangladesh is no longer just about readymade garments. Over the years, the country has taken rapid strides in other sectors as well, of which, the leather industry happens to be the forerunner in terms of export earning potential, after apparel.
Leather goods and footwear export from Bangladesh reached a 10-year-high of US $ 1.25 billion in the fiscal year ending June 2022 even as in FY 2020-21, Bangladesh shipped leather and leather products worth US $ 941.67 million, which was about 2.43 per cent of the total export earnings of the country (US $ 38.758 billion).
In recent times, with the global leather industry shifting its focus from China and Vietnam, it has opened new windows of opportunity for the Bangladesh leather industry. However, to optimally capitalise on the opportunities on offer, industry players have called for urgently focusing on the inherent and persisting problems, addressing which, they feel, could increase the growth potential significantly.
In this edition’s Cover Story, we present to you a complete lowdown on the thriving leather industry of Bangladesh as we interact with the main industry players, business bodies representing the leather industry of Bangladesh, and try to analyse and understand the existing scenario at a time when the global market for leather and footwear seems all set for a roll (according to Grand View Research, the worldwide market size of leather in 2020 was US $ 304.12 billion, and is expected to grow at a CAGR of 5.9 per cent between 2021 to 2028, while according to GlobeNewswire, notwithstanding the Covid-19 epidemic, the market size of global footwear reached US $ 364.2 billion in 2020, and is expected to touch US $ 440 billion by 2026)!
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