Bangladesh gets past China to become the largest denim supplier to the European Union during the January-June period of 2016. The country is considering it as a remarkable development that would give confidence to Bangladesh’ garment sector as it looks to touch US $ 50 billion in apparel exports by 2021.
During the review period, Bangladesh exported € 567.97 million worth of denim products to the EU – the world’s largest economy– enough to secure a 21.18 per cent market share which is the highest share among all countries exporting their garments to the EU. Currently, Bangladesh has 30 denim mills for which investment to the tune of US $1 billion was made last year and the collective production capacity of the mills is 435 million yards a year.
MS Hasan, Director Of Operations of Amber Denim, who invested heavily to acquire a modern denim laboratory for testing and certification, commented, “Bangladesh could win in the European denim segment not only for the competitive prices, but also for the quality of its products, shorter lead time and better commitment.”
It may be noted here that EU and US are the two major importers of Bangladesh’ denim products. Bangladesh’s global denim export is forecasted to reach US $7 billion by the end of 2021. The country supplies denim products to major global retailers including Levi’s, Diesel, G-Star RAW, H&M, Uniqlo, Tesco, Wrangler, Hugo Boss, Walmart, and Gap.