He said this while presenting a study on ‘Exploring Export Diversification Opportunities in the European Union’ at a seminar in Dhaka recently.
Bangladesh can grab more market share in the EU garment market if products are diversified, according to Mohammad Abdur Razzaque, chairman of the Research and Policy Integration for Development Bangladesh, a private think tank.
Bangladesh’s apparel export to the EU is projected to rise to $46-$60 billion by 2030, he told a recent seminar in Dhaka.
The seminar was organised by RAPID in collaboration with Friedrich-Ebert-Stiftung (FES) Bangladesh Office.
Bangladesh’s share in cotton fibre garment in the EU is 34.7 per cent, while China’s share is only 14.9 per cent. On the other hand, the latter’s share in non-cotton garment items in the EU is 41.2 per cent, while the former’s pie is only 12.2 per cent, domestic newspapers reported.
Bangladesh’s apparel export to the EU is projected to rise to $46-$60 billion by 2030, Razzaque said in the study.
Moving towards man-made fibre (MMF) can be greatly facilitated by extended EU preferences beyond graduation from the least developed country (LDC) status, the study said.
Footwear, leather goods and home textiles are some of the non-apparel products with high export potential, the study noted.
With the imminent LDC graduation, the urgency for export diversification has never been more pronounced, and the EU market can act as a catalyst, it added.
Fibre2Fashion News Desk (DS)