Bangladesh knitwear to increase penetration of Japanese market

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Jasim Uddin Haroon
Bangladeshi knitwear manufacturers are planning to substantially scale up exports to Japan by 2009, as the world's second biggest economy seeks to source low-priced knitted items.
Exporters said Saturday the country's knitwear sales to the Japanese market could touch down to US$100 million over the next one year, with the crisis-ridden Asian economic dynamo turning its face toward Bangladesh.
"It's all about prices. We can offer cheaper prices to the Japanese buyers," president BKMEA Md Fazlul Hoque said Saturday.
"The current export figures of $6.0 million may be negligible. But it is sure to go up incredibly in just a year. Our preliminary talks with leading Japanese buyers have strengthened our beliefs," Mr Hoque said.
He noted that at least 11 leading Japanese buyers have visited many local factories during the just-concluded Knit exposition.
Japan, world's second largest economy, is the fourth largest knitwear importing nation of the globe. It imported knitwear products worth $ 10.37 billion in 2006 and its market has been growing at a pace of 11.73 per cent per year since 2002.
China is the largest suppliers of knitwear products to Japan accounting for about 86.49 per cent to $8.98 billion of the Japan 's total knitwear imports in 2006, followed by Italy .
Italy, the second largest knitwear exporting nation, has a market share in Japan only 2.87 per cent.
Sources at the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) said leading local knit manufacturers are likely to visit a fair to be held in Tokyo early next year to tap the potential.
"JETRO will inform about the participation in the fair or sending a business delegation to Japan to explore the potential," the BKMEA chief said.
BKMEA president said Japanese buyers now diverting their attention to Bangladesh and other developing nations mainly because of high prices of Chinese knitting clothing.
"In recent years, Japan started importing from Vietnam , India , Cambodia and Bangladesh , although Bangladesh 's exports to the country grew roughly by 11.72 per cent in recent period," Mr Hoque added.