However, Denim product export to European Union (EU) counties rose by 6.86% to €568 million in January-June period of the current year.
Denim products contribute about $6 billion to $28 billion RMG exports, which is expected to reach $7 billion by 2021. Of the total amount, EU and US import lion’s share of Bangladesh’s denim products.
According to the Office of Textiles and Apparel (OTEXA) data, Bangladesh earned $299 million, exporting denim products, which was $2,8240 million in the same period a year ago. In the year 2015, Bangladesh earned $439.80 million.
According to the data of eurostat, in January-June period of 2016, Bangladesh exported denim products of €568 million, which was €531.50 million. Last year, Bangladesh earned €1.18 billion from the denim export.
Bangladesh exports Blue Denim Trousers WG, Blue Denim Trousers MB, Blue Denim Skirts, Blue Denim Jackets, Blue Denim Suit Type Coats MB, Playsuits and Sunsuits, Etc to the US markets.
According to the study by Cotton Inc, 71% of people in Europe and Latin America enjoy wearing denim, followed by 70% in the US, 58% in China and 57% in Japan.
According to the sector people estimation that close to 1.9 billion units of denim jeans were sold in the world in 2015, and by 2021 the yearly sale of jeans will cross two billion units.
There is a huge scope for Bangladeshi denim manufacturers to grow and play an important role in global denim market. The country’s capacity to meet local demands is increasing but it requires more investment, Abdus Salam Murshedy, managing director of Envoy Textile, a denim fabric manufacturer, told the Dhaka Tribune.
For grabbing more market share in the global market, Bangladesh has to concentrate on washing as it adds value as well attracts buyers, he said.
Since, it costs huge to establish a textile mills, foreign investment and low cost fund from home and abroad can help boost the industry, said the manufacturer.
The government has to ensure utility service including gas and electricity supply for the sector to attract investment, Salam suggested.