Denim manufacturers eye $7b in exports by 2021

Denim show in Dhaka in Nov 11-12

bus0414
Denim exporters expect that their export volume would reach $7 billion by 2021, should they can address the challenges including crisis of gas connection and innovative technical knowhow.
They see huge opportunity of gaining more space in the international markets within next five years as the sector has got remarkable response from the global buyers on the eve of a denim fair to be held in Dhaka in November 11-12.
‘The compliance standard in our denim subsector in Bangladesh is superior to that in India and China but lack of gas connection and low pressure of gas, lack of innovative washing technology and high cost of financing are the challenges for boosting the subsector,’ Anwar-Ul-Alam Chowdhury Parvez, managing director of Evince Group, told New Age on Sunday.
He said that the sector maintained on an average 11/12 per cent growth in the last couple of years.
‘And certifications on compliance from the retailers’ groups, who have been conducting safety inspection in the readymade garment factories in Bangladesh, are most important to increase the export of denim products.’
‘Accord on Fire and Building Safety in Bangladesh and Alliance for Bangladesh Worker Safety are not providing safety clearance to the inspected factories. It is a problem for the sector’s growth,’ said Parvez, also a former president of Bangladesh Garment Manufacturers and Exporters Association.
Accord is a platform of EU retailers, while Alliance is a North American retailers’ group.
Abdus Salam Murshedy, president of the Exporters Association of Bangladesh, said locally-produced denim fabric meet 35 per cent of the total export orders and rest of the orders are met by imported fabric.
There is an immense potential for the denim subsector to gain more market share in the globe as the denim items become fashion and these are not limited to a particular season, he said.
‘Denim can play a vital role in boosting export earnings and the export of the items would reach $7 billion from the existing $3.5 billion,’ Salam said.
Recently, the sector has received a overwhelming response from the buyers on the eve of a denim exposition to be held in the capital on November 11 and 12.
According to the sector people, there are 25 factories which are producing 360 million yards of denim fabrics against the demand for 720m per annum. The global demand for denim fabric is 6.5 billion yards.
Bangladesh is — after China — the second largest exporter of jeans to the European market and number 3 for the United States.
Around 400 factories export nearly 180 million denim garments to the world markets every year. In addition there are 25 denim producing factories with a total investment of over $834 million, according to the statistic of Denim Expert Limited, a Bangladesh-Netherlands joint venture.
With the vast response from the buyers, the Denim Expert Limited is going to arrange the third edition of the Denim Expo, due to be held at Bashundhara International Convention City.
A number of seminars on further sustainable development of the denim sector will be held on the sideline of the expo where international experts will address all aspects of sustainability, ecology and consciousness encompassing the rage of manufacturing to dying and wet-processing, organisers said.
Mostafiz Uddin, managing director of Denim Expert Limited, said that more than 40 companies from 10 countries would showcase their denim pants, fabrics and latest accessories in the event.
He expected that 1,200 companies from 60 countries like USA, UK, Canada, Germany, France, Italy, Japan, Netherlands, Mexico, Spain, Turkey, Hong Kong, Brazil, Australia, Russia would send their members in the event.
Buyers and brands Like Mustang, Levis, G-Star Raw, S Oliver, New Yorker, Jake & Jones, Review, Hugo Boss, C&A, Zara are expected to attend the show this time, Mostafiz said.
‘The show will also advance compliance to build a future; the vision is to transfer knowledge internally to a new generation of designers, merchandisers, buyers, production technicians and entrepreneurs in the Bangladesh denim industry,’ he said.
The vision of the expo is to improve the living standards of the people in the country by creating jobs and business opportunities, Mostafiz added.
Source: New Age

LEAVE A REPLY

Please enter your comment!
Please enter your name here