Boom time

Southasia - - BRIEFINGS -

With the re­turn of po­lit­i­cal sta­bil­ity af­ter the Jan­uary 5 elec­tions, work or­ders from in­ter­na­tional buy­ers have reg­is­tered a sig­nif­i­cant in­crease in Bangladesh. The coun­try is the world’s sec­ond largest gar­ment ex­porter af­ter China. It shipped over­seas more than $2.24 bil­lion worth of cloth­ing in Jan­uary – 7.09 per­cent more than a year ear­lier, mark­ing the 18th year-onyear in­crease in the last 19 months. The coun­try may also im­port record amounts of both tex­tiles and cot­ton in 2014. Since Bangladesh grows lit­tle cot­ton of its own, the lo­cal tex­tile and ap­parel sec­tor is al­most en­tirely de­pen­dent on the im­port of fiber.

Cot­ton con­sump­tion in Bangladesh may rise 8.75 per­cent to 870,000 tons in fis­cal 2014-15, with higher de­mand for gar­ments, ac­cord­ing to a re­port by the Econ­o­mist In­tel­li­gence Unit. Cur­rently, Bangladesh en­joys the ze­ro­duty ben­e­fit from the EU un­der the Gen­er­al­ized Sys­tem of Pref­er­ences (GSP) scheme.

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