JULYASIA BUSINESS OUTLOOK8Bangladesh's leather apparel and accessories exports totaled $174.328 million in the first five months of 2023. Surprisingly, India has grown to be a larger market than the United States, bucking the trend. India and the United States accounted for 22.30 percent and 19.75 percent of these exports, respectively. However, the United States and India were the first and second largest markets for Bangladesh's total leather exports of $474.555 million in 2022.Because of lower labour costs, developing countries typically export labor-intensive products to developed countries. In this case, however, Bangladesh has successfully entered the neighbouring Indian market. India, a major competitor, also represents a sizable and dynamic consumer market for Bangladesh.The top ten markets for leather goods in Bangladesh are mostly developed countries, with India being the sole exception. Exports to India were valued at $38.880 million between January and May 2023, according to Fibre2Fashion's market insight tool TexPro. In comparison, exports to the United States totaled $34.430 million. Japan ($33.174 million, 19.03 percent), China ($10.577 million, 6.07 percent), and the Netherlands ($9.234 million, 5.30 percent) were also significant markets. Belgium had a 4.40 percent share of the next five top markets, followed by Canada (2.91 percent), Germany (2.71 percent), Australia (2.55 percent), and South Korea (1.39 percent). Farizon, a Chinese manufacturer of electric and hybrid trucks owned by Geely, has raised $600 million in a Series-A funding round, according to a company statement.The Hangzhou-based company, which manufactures and sells hybrid and pure electric commercial vehicles, stated that the funds will be used for further technology and product development, as well as international expansion.According to the company, the most recent round of funding was led by Boyu Capital and Yuexiu Industrial Fund, with participation from other investors including Singapore-based United Clean Energy and Linjiang Industry Group. It follows Farizon's Pre-A round financing in October 2022, in which it raised more than $300 million.Outside of China, Farizon said the company is moving to establish a presence in markets including as Asia-Pacific, the Middle East, South America and Europe.The company has said a key focus outside of China will be Europe, where it plans to start selling a light electric cargo van called the Super Van as early as 2024. It will compete against the likes of Ford Motor's e-Transit van, the company has said. NEWSROOMINDIA & USA MAJOR PARTNERS FOR BANGLADESH LEATHER TRADEGEELY OWNED FARIZON RAISES $600 MILLION IN SERIES A FUNDING ROUND
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