Bangladesh's garments exports to emerging locations slow down

Bangladesh's garments exports to nontraditional destinations have posted marginal growth in the previous year, according to the South Asia nation's Financial Express. Many of the country's industry experts believe that this is an alarming development for the country's apparel sector.

The report revealed that Bangladesh's apparel sector is losing out in emerging markets to its counterparts in India, Vietnam, Cambodia and Pakistan. The situation can be mainly attributed to political instability, security concerns and industrial disasters besetting the country, which have dented the confidence of many international buyers.

According to the Bangladesh Export Promotion Bureau, the nation's garments shipments to new locations generated $3.9 billion in 2015, an increase of about 9 percent from the previous year. Comparatively, 2014 and 2013 exports grew 21 and 29 percent, respectively.

Revenue from apparel exports posted slightly more than 4 percent rise this year, the lowest in six years. The country's overall garments shipments also recorded a 13-year low in terms of growth.

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