China’s labor costs increase, Bangladesh’s garment exports surge

Pakistan’s “Daily Times” reported that the Bangladesh Garment Manufacturers and Exporters Association stated that Bangladesh’s garment exports will double in five years to reach 25 billion US dollars. This is due to the increase in labor costs in China and many Chinese garment importers. Will turn to other Asian countries. According to data from the Bangladesh Export Promotion Agency, as of June 2008, Bangladesh’s garment exports have increased by 17% to US$10.7 billion; in July 2008, they increased by 75% year-on-year. The chairman of the Bangladesh Garment Manufacturers and Exporters Association said that there are more than 4,000 garment factories in Bangladesh, and the Bangladesh garment export target for the 2008/09 fiscal year is US$13 billion.