Bangladeshi apparel manufacturers are looking at expanding their footprints in South Korea as the buyers of this apparel market looking at moving orders out of China on account of the rising cost of production.
South Korea, a market of $10.5 billion, currently sources around 34% of its clothing items from Beijing.
This was claimed by the media reports which cited industry insiders in this regard even if according to the BGMEA, Bangladesh expects to hit the $1 billion mark export to Korea in the current fiscal year with a diverse basket of apparel items.
Reports further added that Korean brands and buyers are showing keen interest in increasing their sourcing from Bangladesh owing to the competitive prices offered by Bangladesh apparel makers even if according to the country’s Export Promotion Bureau (EPB), since 2017, Bangladesh’s stake in the Korean clothing market has kept on growing but at a slow pace and reached a little over 4% with export earnings at $440 million in FY ’22.
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