Bangladesh Leather Products industry on the verge of vast development possibilities
The leather business of Bangladesh, which is the second biggest exportation contributor, is pushing forward step by step, however, it is yet slackened with an indistinguishable and unfaltering development. As of late, the Bangladesh leather products are being accepted by and large all around the world. The accessibility of the staples is the greatest quality the division is possessing.
New period of possibilities with regards to such business of Bangladesh is being made because of the late policy alterations of the leather business within China, the planet’s biggest manufacturer. With regards to variegation of export, searching for solid contrasting options to RMG followed by leather and leather products division arises as the greatest competitor.
When Bangladesh RMG has raised a large number of driving brands within the country itself with their immediate existence, they will become exceptionally glad to lay their individual orders of leather products within the similar nation Bangladesh, out of where they are sourcing apparels. Hence, the development of fabric and RMG division is effectively assisting the development of leather and united business enterprises such as footwear and other leather commodities industry.
Exportation of leather and Bangladesh leather products has surpassed the 1 billion USD mark for the third year in succession. Based on the information from the Export Promotion Bureau within the financial session of 2015-16, the leather products and footwear were 1.16 billion USD. Within the 2014-15 session, leather and leather products were exported from Bangladesh that were worth 1.13 billion USD which is contrasted with 1.12 billion USD in the past monetary year. It demonstrates that the division is possessing a relentless and amazing development.
An amount of 1.22 billion USD worth of leather and leather products is expected to be traded by Bangladesh within the 2016-17 season. What’s more is that it is proceeding admirably within its objective. Within the principal quarter of (July-September 2016) of the fiscal year, the exportation was greater than $319 million, which is greater than 24% and higher from the identical point of exportation of the past financial year. It demonstrates that the aggregate exportation of such financial year will be conceivably superior with regards to leather, leather products and footwear.
Following are some of the possibilities of the division that can be brought into spotlight:
- Heightening international demand with regards to value included, varied products.
- Possessing the extent of evolving backward linkage business.
- China is missing the aggressive willingness to compete.
- Heightening global and regional demands with regards to value included leather goods.
- In Bangladesh, the global Fashion and sourcing houses with regards to Bangladesh RMG (Readymade Garments) are displaying interest with leather goods.
The ongoing demand of leather, leather goods and footwear on the planet are almost 215 billion USD. Bangladesh merely exports 1.16 billion USD. Around 1.50 USD sum square foot leather is created within Bangladesh. A number of them are being traded as rawhide. Therefore, we possess a gigantic probability to take hold of the market with our most elevated amount of productivity and appropriate strategic planning.
With regards to such, it has been a crying need to reposition the tannery industry in Bangladesh to Savar Tannery Estate. As indicated by the associated experts, a greater degree of benefit is able to be earned by legitimate strategical planning, marketplace supervision, and agile conservation of raw leather, shipment and appropriate processing of leather.
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Mohammad Monzurul
A full-time blogger. I love writing blogs and focus on writing about online marketing, B2B marketplaces and so on. Currently, I am working with BDTDC. I hope that you have a good read as well as share your thoughts regarding the posts made.
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