Bangladesh is proving to be one of the winners in global trade as China loses its position as the world’s lowest-cost manufacturer of consumer goods due to increasing labor costs and an aging workforce, according to KPMG International.
Other new sourcing locations attracting international companies include India, Indonesia, Vietnam and Cambodia.
While “no single country can match the scale of China, countries such as Bangladesh have large low-wage workforces that are now starting to be employed, while Southeast Asian countries are making moves to remove tariffs and customs restrictions,” says a KPMG report, “Product Sourcing in Asia Pacific: New locations, extended value chain”.