The New Nation - Internet Edition

BUSINESS REPORT

Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) is diversifying its focus towards new destinations, other than traditional US and EU Markets in order to increase its export share in the world market

The association is now looking towards potential markets like Russia, Australia, but aiming to increase their exports mainly to Japan.

Readymade garment (RMG) sector is one of the biggest foreign exchange earners for the country.

Sources from BKMEA said," Knitwear import in Japan is quite high. Each year this country imports near about 10 billion knitwear garment. It also has a stable economy.

Our earning from Japanese market is mere US $6 million. Now we are planning to increase our market share and make this region as one of our largest export destination.

The reason for eying this particular region, you can say is we are now planning to expand our horizons.

"Another reason can be attributed to economic instability in US and EU. However, we will continue our business in these two countries as these account 90 percent of our total exports, and other 10 percent goes to other countries."

Discussing the strategy to enter this market, the BKMEA source said, "We need to enhance our products on factory level, improve our production capacity so that we can cater to both out traditional as well as new found export destinations.

Since there is GSP in the country and consumption pattern is different, it will not be much difficult for us to capture that market."