Exports of leather footwear from Bangladesh have increased to a five-year high during the first four months of the current fiscal year (July–October).
The latest data from the Export Promotion Bureau (EPB) shows a 9% increase in export revenues, climbing to $228.47 million, compared to $182.11 million during the same period last year.
Bangladeshi footwear exporters are reaping the benefits of low production costs, which make their products highly competitive in global markets, particularly in regions like the United States, Japan, and the European Union.
Even amid economic uncertainties in certain areas, Bangladesh has emerged as a viable alternative to China, where production costs have risen substantially.
The footwear sector is now the second-largest contributor to Bangladesh’s foreign exchange earnings, trailing only behind the ready-made garment industry.
To put this growth into perspective, export revenues during the same period in the pandemic-affected fiscal year 2020–21 stood at just $168.53 million, highlighting the remarkable recovery and progress in the sector.
Prottoy Parvej, manager of Akij Footwear Limited, pointed out the significant shift of orders from China to Bangladesh.
He noted that Bangladeshi leather shoes are priced more competitively than those from China and India, making them attractive to international buyers.
Parvej expects the sector to continue its upward trajectory, with growing interest from buyers in Japan, North America, and Europe.
Meanwhile, Md. Omar Faruque, company secretary of Apex Footwear Limited, reported an uptick in orders from the USA and Japan.
He emphasized the importance of political stability in sustaining this growth and ensuring confidence among global buyers.
About 60 local companies, including Jennys Shoes, Bay Footwear, and Apex Adelchi Footwear, are leading the charge in exporting leather goods and footwear.
Their primary markets include the US, Europe, and Japan, which continue to demand high-quality products at competitive prices.
The Bangladeshi footwear industry is projected to grow by 5.66% annually, with market size expected to reach $3.33 billion by 2024.
As the global economy recovers and consumer demand rises, the industry is poised to see significant value addition.
This presents opportunities for export diversification, enabling Bangladesh to expand its footprint in new and existing markets.
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