In recent years, China is losing its market share to its competitors in the global apparel market already hit by the trade war with the US.
Global apparel buyers, both existing and new, are thinking to relocate work orders to Bangladesh from China which has been badly hit by the outbreak of coronavirus. However, the opportunity is wider for the knitwear sector with a strong backward linkage industry. In the last couple of days, Bangladeshi manufacturers and exporters of such goods have received an increased number of queries from the US and the European Union buyers, who are looking for alternative sources. In recent years, China is losing its market share to its competitors in the global apparel market already hit by the trade war with the US. New virus rubbed salt in the wound of previous business relocation as buyers are thinking now of alternative sourcing destinations. “One of my European buyers has started negotiating to shift its part of work orders from China to Bangladesh as it fears the virus may affect the supply chain,” Mohammad Hatem, managing director of MB Knit Fashion Ltd, told Dhaka Tribune. “But they have wanted to know how we will ensure supply of fabrics, accessories and other raw materials as Bangladesh is highly dependent on China for raw material,” said Hatem.
