TEXTIL HOUSE 2016
After a prolonged dip, The Brazilian currency is making a comeback. The textile industry is one of the top 5 branches of the economy. The textile and fashion industry is currently worth over $55 billion, comprising of 33,000 companies and producing 9.5 million garments every year. Brazil ranks among the eight largest world producers of yarns, fabric, and knitwear, and ranks seven in the production of apparel. In textile – Luxury products, children’s wear, Mid-to-high casual wear like denim, formal wear and home textile is considered to have the best prospects.
Garment imports from Asia surpassed $2.17 billion in 2012 (500% increase since 2006). This, along with the fact that production is expensive and cost of labor is high, makes Brazil a very lucrative market for Bangladesh. However, the bureaucratic system is one of the most complicated in the world particularly for the import of goods. Presently, 40% duty is imposed on imported textile & garment into the country from Bangladesh. However, Bangladesh is expected to sign an agreement with Brazil soon on reducing this duty.
In February 2017, Noman Group plans to attend Textil House, the region’s biggest trade fair for home textile. The fair, held in São Paulo will bring together all products for bed, table, bath, carpet, flooring and decorative fabrics for curtains and accessories for curtains. Through the fair and meetings with major Brazilian retailers – the group expects development of new business in this region very soon.