Bangladesh’s leather apparel and accessories exports have reached an impressive $174.328 million in the first five months of 2023. What’s particularly interesting is the notable shift in the market dynamics, with India surpassing the United States as a more significant market for these exports. During this period, India and the US accounted for 22.30 percent and 19.75 percent of the total exports, respectively. This marks a significant change from 2022 when the US and India were the top two markets for Bangladesh’s total leather exports, which amounted to $474.555 million.
In the global trade landscape, developing nations often export labor-intensive products to developed countries due to the advantage of lower labor costs. However, in the case of Bangladesh’s leather exports, the country has successfully penetrated the neighboring Indian market, demonstrating its competitiveness even against significant rivals. India not only represents a dynamic consumer market but also a formidable competitor in the leather goods industry.
Bangladesh’s top 10 markets for leather goods mainly consist of developed countries, with India being the only exception. According to Fibre2Fashion’s market insight tool, TexPro, exports to India were valued at $38.880 million between January and May 2023, surpassing the exports to the US, which stood at $34.430 million. Other key markets included Japan ($33.174 million, 19.03 percent), China ($10.577 million, 6.07 percent), and the Netherlands ($9.234 million, 5.30 percent). Among the subsequent top five markets, Belgium held a share of 4.40 percent, followed by Canada (2.91 percent), Germany (2.71 percent), Australia (2.55 percent), and South Korea (1.39 percent).
In the previous year, Bangladesh’s leather goods exports amounted to $474.555 million, with the US as the leading market, contributing $107.781 million or 22.71 percent of the total. India came in second, contributing $93.196 million or 19.64 percent. Other significant contributors included Japan ($79.018 million, 16.44 percent), China ($42.425 million, 8.94 percent), and Belgium ($22.294 million, 4.70 percent), as reported by TexPro.
The shift in India’s position as a key market for Bangladesh’s leather exports highlights the country’s prowess in tapping into diverse consumer markets and establishing itself as a formidable competitor in the global leather goods industry. As Bangladesh continues to demonstrate its export capabilities and adapt to changing market dynamics, it is likely to strengthen its position as a leading player in the international trade of leather products.
Source : Fibre2Fashion
Read More :
Rapper YNW Melly’s Double Murder Trial Underway in Broward County
Vietnam’s Rice Export Prices Soar Amidst Increased Global Demand