19/01/2014: Bangladesh beats India in garment exports
Bangladesh beats India in garment exports
DHAKA, January 19, 2014 (BSS) - The country's apparel industry has overtaken India in readymade garment exports despite the recent setbacks it received like instances of building collapses and fire at manufacturing units, says a study by Exim Bank of India.
According to the study, Bangladesh garment export to US market surged by 11.4 percent to US$4.9billion between January and October 2013 when Indian exports to the US grew by 6.3 per cent to US $3.2billion.
"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 PTI.
Bangladesh's garment exports increased from US $6.8billion in 2005 to US $19.9billion in 2012, recording a compounded annual growth rate (CAGR) of 16.6 per cent.
During the same period, India's outward shipments rose from US $8.7billion to US $13.8billion, a CAGR of just 6.8 per cent, the study said.