The fashion industries in Canada and Russia have the Bangladesh apparel manufacturing industry on their radar. Diplomatic relations between both the countries and Bangladesh have achieved historic milestones and the clothing manufacturing industry of Bangladesh has benefited extremely well from the friendships. Here is a glimpse into the current state and what the future holds.
Bangladesh clothing manufacturers enjoy duty free access to the Canadian apparel market. This was celebrated quite recently at Showcase Canada 2018. In 2017 Bangladesh exports to Canada topped $1.1BN and by 2021 exports are slated to reach $3BN. The High Commissioner of Canada to Bangladesh Benoit Prefontaine even exclaimed how Canada is on it’s way to becoming a key garment export destination for Bangladesh, leading towards the ambitious plan of Vision 2021 and the $50BN export milestone.
Bangladesh and Canada are actually keen on forming a “Blue Ribbon Panel” to advance the current investment and trade scenario between the countries, including an increase in FDI (Foreign Direct Investment). Exports will also encompass leather and jute products, two emerging exports from Bangladesh.
While the EU (including the U.K.), U.S.A, Canada, are the more traditional markets that Bangladesh clothing manufacturers exports to, there are many non-traditional markets. The Bangladesh apparel industry exported more than $4BN with Japan being the largest non-traditional market with exports totalling more than $740MM last year. Other countries include Australia, South Korea, Brazil, and the main feature of this article; Russia.
Russian garment imports from Bangladesh totalled more than $400MM in 2017, an almost $100MM jump from 2016. But that is still a small part of their $52BN market. Russian share of apparel exports, is still a large percentage of total Bangladesh apparel exports and that is only increasing. To ride this wave the Bangladesh government has organized a fair in Moscow from May 21-23. Jute is also being showcased and this is a first if it’s kind event.
Bangladesh actually enjoys duty free access to 71 kinds of products and is about to gain the same for apparel.
Canada and Russia are just two of the markets continuing to import more clothing from Bangladesh. As this trend continues, it will only get more convenient for people to source clothing from Bangladesh.