Bangladesh can ship $1b woollen sweaters by 2030: Exporters

Business Report :
Bangladesh has the potential to export $1 billion worth of woollen sweater by 2030 up from the current $100 million as the global market for such items is expanding fast riding on product diversity, a local sweater exporter said Wednesday.

The use of woollen yarn is rising worldwide thanks to the production of diversified yarn from wool, said Mostafa Q Sobhan, managing director of Dragon Group, a Bangladeshi sweater exporting company.

He made the comments in a discussion with two Uruguayan wool exporters at Pan Pacific Sonargaon in Dhaka.

Nearly $20 billion worth of woollen garments are sold annually worldwide now, which is predicted to grow at 5.5 percent every year, Sobhan said.

If the prediction goes right, the global woollen garments market should be worth nearly $30 billion by 2027, he said.

In the global markets, China, Turkey, Italy, Vietnam, and the UK are market leaders in woollen wear exports.

Uruguay is one of the largest processors of wool in South America and it exports primarily to the European markets and China, said Sobhan, who is also the honorary consul of Uruguay to Bangladesh.

Currently the spinning mills have a huge capacity to produce cotton yarns and other manmade yarns such as acrylic and viscose in Bangladesh, he said.

“Now, blending wool with cotton, acrylic and viscose will enhance return on investment and add value to our product offerings.”

Wool as a premium fibre can help Bangladesh achieve the goal of export value addition and create opportunities for local garment makers to attract high-end brands and retailers to encourage them to start counting the south Asian nation as a potential supplier of woollen wears, he said.

The visa processing system for South American countries, including Uruguay, should be eased so that Bangladeshi entrepreneurs can benefit more from their natural resources such as wool and gain access to the market of over 500 million people, said Masudul Alam, director general of the foreign ministry.

The visiting wool product makers’ delegation from Uruguay also sat with the top representatives of Labib Group, Union Group and TK Group — top players of the synthetic spinning sector.

During the visit, the delegation found positive aspects of opportunities that could be explored through mutual collaboration, which will greatly benefit the woollen wear export from Bangladesh.

The Uruguayan delegates also expressed their willingness to provide all sorts of cooperation to foster the potential of wool processing in Bangladesh.

Uruguay produces sustainable wool, which is 100 percent natural and renewable fibre, said Gustavo Blanco, director of Lanastrinidad Uruguay, a family-owned wool company of Blanco.

“Uruguay can ship any quantity of woollen tops made of sheep wool, merino wool, alpaca and cashmere wool within 55 days to Bangladesh.”