Annual trade with Turkey set to top $1b
Kazi Azizul Islam
The robustly increasing exports from Bangladesh is set to take its annual trade turnover with Turkey to $1 billion mark within next few months, business leaders of the two countries said.
In the last one year, from September 2009 to October 2010, two-way trade amounted to $927 million, Afsarul Arefin, a senior official of the Federation of Bangladesh Chambers of Commerce and Industry told New Age.
Bangladesh exported goods worth $741 million to Turkey in the period while its imports from that country amounted some $186 million.
‘As Bangladesh’s garment exports, in terms of value, to Turkey, is growing by 40 per cent or more, two-way year-on-year trade is set to cross $1 billion mark by early 2011,’ said Arefin.
Businessmen said that more than two-thirds of Bangladesh’s exports to Turkey are readymade garments.
Growth on the shipments of made-in-Bangladesh garments remains very high in recent times as many Turkish brands, including Tema, and other wholesalers are increasing their procurements from Bangladesh, said Shamimul Islam, a senior official of the leading garment exporter, Babylon Group.
The visiting Turkish president’s wife visited Babylon’s state-of-the-art factories at the outskirts of the city on Saturday.
Industry people say despite Turkey remains a major garment producing and exporting county, its retailers and wholesalers are coming to Bangladesh for competitive sourcing.
‘Turkey has become one of the top new markets for Bangladeshi garment exporters and recent growth in shipments indicates that it is becoming a billion-dollar market for Bangladesh very soon,’ Anwarul Alam Chowdhutry, a former president of Bangladesh Garments Manufacturers and Exporters Association, said.
‘Recently, some Bangladeshi manufacturers are even souring denim and other fabrics to Turkish apparel makers,’ Chowdhury, also the chairman of Argon Denim, said.
Fikret Cicek, president of the Turkey-Bangladesh Chamber of Commerce and Industry, told New Age that his country’s carpet industry had been a major importer of jute yarns from Bangladesh.
‘Now Bangladeshi readymade garments are seeing a bigger opportunity in Turkey,’ said Fikret.
He listed major Turkish exports to Bangladesh as textile dying machinery, chemicals, power generators, steel products and red lentils.
Recently, Turkish-made consumer goods like kids diapers are also being sold widely in shops in Bangladesh.
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