Bangladesh eyes 7 bln USD revenue from denim exports by 2021

DHAKA, May 13 (Xinhua) — Bangladesh expects to double its exports of denim by 2021, said Bangladeshi State Minister for Foreign Affairs Shahriar Alam while addressing at the concluding ceremony of the two-day Bangladesh Denim Expo in capital Dhaka.
“The local denim producers will be able to increase Bangladesh global market share for jeans to 7 billion U.S. dollars from existing 3.5 billion U.S. dollars by 2021,” the minister was quoted as saying in a statement on Wednesday.
He also expressed his hope that the Bangladesh ready-made garment sector will be able to cross the 50 billion dollars benchmark of overall export volume by 2021 that helps the government to achieve its goal to turn Bangladesh into a middle income one during the celebration of the country’s 50 years of independence.
According to the industry insiders, Bangladesh is the second largest denim exporter in European markets while it is holding the third largest position in the U.S. market.
Around 400 factories are exporting nearly 180 million pieces of denim jeans to the world. Bangladesh currently has 25 denim- producing factories with total investment of over 834 million U.S. dollars. Enditem