Bangladeshi garment makers seek to expand footprint in Korea: Reports

Image Courtesy: www.bworldonline.com

Following buyers from South Korea’s US$10.5 billion apparel market considering placing orders out of China – the Korean market currently sources around 34% of their apparel from Beijing – due to rising production costs, garment manufacturers in Bangladesh are looking to expand their footprints there.

This was claimed by the media who quoted industry insiders in this regard even though, according to the BGMEA, Bangladesh expects to hit the US$1 billion export mark to Korea in the course of the current fiscal year with a diverse basket of clothing items.

Reports further add that Korean brands and buyers are showing strong interest in increasing their sourcing in Bangladesh due to the competitive prices offered by Bangladeshi garment manufacturers, even though, according to the Export Promotion Bureau (EPB) of the country, since 2017, Bangladesh’s participation in the Korean apparel market has continued to grow but at a slow pace and reached just over 4% with export earnings of US$440 million during exercise 22.

Michael O. Stutler