Bangladesh-Turkiye Business Forum to synergise textile sector

Bangladesh-Turkiye Business Forum (BTBF) launched formally may synergise the textile sector of the 2 countries. The emerging textile powers can utilise mutual expertise to expand their footprint in the global market. Presently, Turkiye is a net importing country for apparel and yarn in bilateral trade with Bangladesh, while it exports fibre and fabric to it. 

The countries have launched BTBF to facilitate and increase bilateral trade and investments. Both countries are major textile exporters. Turkiye is more focused on the European market, while Bangladesh is striving to become the textile hub by building a large production capacity. Both countries can develop their capacities to increase their global penetration by utilising mutual expertise. 

Turkiye’s imports of apparel from Bangladesh jumped to $335.548 million in the first eleven months of 2022 against an inbound shipment of $190.726 million in 2021. Turkiye’s apparel exports to Bangladesh were merely $0.235 million in the first eleven months of 2022 against $0.124 million in 2021, according to Fibre2Fashion’s market insight tool TexPro. 

As for the yarn imports of Turkiye from Bangladesh, they amounted to $208.962 million in January-November 2022. The country had imported yarn worth $248.421 million in 2021. While Turkiye’s yarn exports stood at $22.315 million in the first eleven months of 2022 against $70.692 million during 2021. The outbound trade rose multifold in 2021 from just $3.614 million in 2020, as per TexPro. 

Turkiye exported fabric worth $25.649 million in the first eleven months of 2022 against a shipment of $37.110 million in 2021. It imported fabric worth $2.291 million in January-November 2022 from Bangladesh. The European country’s fibre exports to Bangladesh doubled to $45.583 million in the first eleven months of 2022 against $22.643 million in 2021. Its imports of fibre from Bangladesh were negligible. 

Fibre2Fashion News Desk (KUL)