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Published on January 20, 2014
Between January and October 2013, readymade shipments by Indian exporters to the US grew 6.3% to $3.2 billion, while the same by Bangladesh jumped 11.4% at $4.9 billion, the Indian export finance agency said.
“In the absence of latest data, imports by the US are a very good benchmark of understanding the latest trends. Bangladesh has been aggressively pushing the garment exports and has made a slew of policy changes to facilitate those,” Exim Bank Chief General Manager Prahalathan Iyer told Press Trust of India.
Bangladesh's garment exports increased from $6.8 billion in 2005 to $19.9 billion in 2012, recording a compounded annual growth rate (CAGR) of 16.6%. During the same period, India's outward shipments rose from $8.7 billion to $13.8 billion, a CAGR of just 6.8%.
According to India's ‘Outlook’ magazine, Iyer and his colleagues conducted a study, which revealed that Bangladesh offers sops like uninterrupted power and a priority at the Chittagong port for shipment of ready-made garments.
Iyer said many of the sourcing companies have South Asia offices situated in India, but they prefer to source their garments from Bangladesh.
Source: bdnews24.com
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