The country can secure a slice of $4.0 billion apparel markets of Chile, Brazil and Mexico, they said.
"The key barrier for increasing exports to Latin American countries is the absence of Bangladeshi missions," vice resident of Bangladesh Garments Manufacturers and Exporters Association (BGMEA) Faruk Hassan said Friday.
"We can tap the potential of Latin American economies by opening our embassies there. Government support is also required," he added.
BGMEA statistics showed Brazil imported readymade garments worth $767.072 million last year, of which $303.631 million was knitwear and $463.441 million was woven.
Bangladesh's export to Brazil amounted to $50.287 million, of which $33.559 million was knitwear and $16.688 million was woven.
Mexico's import totalled $1,947.85 million last year, of which knitwear formed $982.58 million and woven $965.27 million.
Bangladesh's exports to Mexico were $114.01 million, according to data available with the BGMEA.
Chile's overall RMG import reached $1,074.83 million last year, of which $517.39 million was knitwear and woven was $557.44 million. Bangladesh's share was $7.47 million, of which knitwear totalled $5.26 million and woven $2.21 million.
Mr Hassan said a high-powered BGMEA delegation visited Brazil, Mexico and Chile last year to explore the market potential.
"We can't communicate with Spanish language. That was our weakness," he said.
He noted that the association would intensify lobbying with the Latin American counties to reduce tariff on RMG products.
News Source: FE, Saturday May 7 2011
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