What Textile News is in the Spotlight Today?
Today in the spotlight, is a true story of one of those Asian countries forging right ahead when others have been very much affected by the merciless global economic crisis. In Bangladesh, the textile statistics for its exports to the United States shows a radical ten percent increase from last year to June 2009. Bangladesh is one among the many countries that depends on exports not vastly devastated by the recession problem.
Her apparel exports are actually booming while her sister countries such as Philippines, Thailand, Indonesia and Malaysia are equally hurt as some European countries and the US. Most specifically, Bangladesh supplies knitwear and woven outfits. These seem to have increased by almost forty two percent and thirty six percent for the last month of the year 2008, in contrast to the previous per annum figures, according to the current statistics. The fact that, many clients from the countries whose purchasing power have declined, due to effects of global economic crisis, are looking for low cost final textile products, gives Bangladesh an upper hand.
See, Bangladesh exports the kinds of products very much needed by the low-income consumer. Even with its apparel sector, overtaking the India’s exports, the executive secretary of the garment exporters association, sir Surinder Anand, praised the Bangladesh government. During a comprehensive interaction session with fibre2fashion, he confirmed that the flourishing Bangladesh exports were as a result of good governance and formation of elastic labor laws, allowing large economies of scale by labor- intensive companies.
He continues to argue that the fiscal policy set by Bangladesh on the apparel industry is very supportive because it gives tax advantages to manufacturers importing raw materials. The backsliding textile performances of countries like China, India and other east Asian players of the industry, seem to be strategically positioning Bangladesh in her rightful profit making margin, during a really bad economic time in history.
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