Furniture industry posts 31.98pc growth in 8 months

The furniture sector fetched export earnings of USD 37.64 million in the first eight months (July–February) of the current fiscal year (2017–18). This was up from the USD 28.52 million recorded for the same period in the previous financial year, thus showing a steady growth of 31.98 per cent.

Bangladesh Furniture Industries Owners’ Association (BFIOA) president Selim H Rahman told The Independent: “China had been the furniture-sourcing country throughout the world during the last couple of decades.

But it has started shifting towards high-tech industries and therefore we have a huge opportunity to capture the global market.”

Rahman, who is also the managing director of Hatil Furniture, said the government's decision to provide a 15 per cent cash incentive on furniture export has also boosted the export growth. “Our furniture is being exported to Middle Eastern countries,  Canada, Nepal, Bhutan, India, Malaysia, the US, Belgium and other European countries. The products have become popular because of their quality and innovative designs,” he added.   

He also said that Hatil Furniture exports products worth around USD 100,000 to the Middle East, Canada, Nepal and Bhutan every month. The domestic furniture market has been growing at a rate of 15-20 per cent a year, he added.  

The furniture industry got off to a humble start as cottage industry. But after the mid-90s, it graduated to a full-fledged industrial scale, he noted.

Describing some of the challenges faced by the industry, Rahman said raw materials, such as wood, hardware, finishing materials, and other stuff, are being imported. A high import duty on raw materials is jacking up the production cost, he added.

He also said that the government should revise the import tariff policy to help the furniture industry survive and compete with global competitors like Vietnam and Indonesia.

Partex Furniture Industries Ltd, a concern of the Partex Star Group, is one of the country's largest furniture manufacturers. Tareq Aziz, general manager (marketing) of the Partex Star Group, said: “New designs mark the latest trend for wooden furniture. Such furniture is completely processed and manufactured by machines.”

Describing the challenges, Aziz said: “We don't have sufficient product designers. We also lack vocational training institutions where people could learn, create, and explore the trends in the domestic and international markets. This has been our biggest drawback.”

According to BFIOA data, more than 3,000 manufacturers are currently working in the furniture sector. More than 20 lakh people are employed in this industry.

EA

Furniture industry posts 31.98pc growth in 8 months

The furniture sector fetched export earnings of USD 37.64 million in the first eight months (JulyFebruary) of the current fiscal year (201718). This was up from the USD 28.52 million recorded for the same period in the previous financial year, thus showing a steady growth of 31.98 per cent. Bangladesh Furniture Industries Owners Association (BFIOA) president Selim H Rahman told The Independent: China had been the furniture-sourcing country throughout the world during the last couple of decades. But it has started shifting towards high-tech industries and therefore we have a huge opportunity to capture the global market. Rahman, who is also the managing director of Hatil Furniture, said the governments decision to provide a 15 per cent cash incentive on furniture export has also boosted the export growth. Our furniture is being exported to Middle Eastern countries, Canada, Nepal, Bhutan, India, Malaysia, the US, Belgium and other European countries. The products have become popular because of their quality and innovative designs, he added. He also said that Hatil Furniture exports products worth around USD 100,000 to the Middle East, Canada, Nepal and Bhutan every month. The domestic furniture market has been growing at a rate of 15-20 per cent a year, he added. The furniture industry got off to a humble start as cottage industry. But after the mid-90s, it graduated to a full-fledged industrial scale, he noted. Describing some of the challenges faced by the industry, Rahman said raw materials, such as wood, hardware, finishing materials, and other stuff, are being imported. A high import duty on raw materials is jacking up the production cost, he added. He also said that the government should revise the import tariff policy to help the furniture industry survive and compete with global competitors like Vietnam and Indonesia. Partex Furniture Industries Ltd, a concern of the Partex Star Group, is one of the countrys largest furniture manufacturers. Tareq Aziz, general manager (marketing) of the Partex Star Group, said: New designs mark the latest trend for wooden furniture. Such furniture is completely processed and manufactured by machines. Describing the challenges, Aziz said: We dont have sufficient product designers. We also lack vocational training institutions where people could learn, create, and explore the trends in the domestic and international markets. This has been our biggest drawback. According to BFIOA data, more than 3,000 manufacturers are currently working in the furniture sector. More than 20 lakh people are employed in this industry. EA