In the first four months of the fiscal year 2023-24, the country's Ready-Made Garment (RMG) sector has demonstrated resilience and growth in exports, particularly to the European Union.
According to the latest data from the Export Promotion Bureau (EPB), RMG exports to the EU reached a substantial USD 7.06 billion, marking a commendable 3.99 percent growth compared to the same period last fiscal year.
Diving into the EU market, notable increases were observed in exports to Spain, France, Netherlands, and Italy, showcasing growth rates of 18.07 percent, 2.56 percent, 12.73 percent, and 9.88 percent, respectively. However, Germany, the largest export market in the EU, witnessed a decline of 11.49 percent, amounting to USD 1.81 billion compared to the previous year's USD 2.04 billion.
Simultaneously, Bangladesh's RMG exports to the United States stood at USD 2.57 billion, reflecting a marginal decline of 3.05 percent year-on-year. Meanwhile, the UK experienced a positive growth of 14.63 percent, reaching USD 1.8 billion, while Canada faced a slight downturn with a negative growth rate of 1.53 percent, totaling USD 462.86 million.
In a noteworthy shift, the country's apparel exports to non-traditional markets surged by an impressive 17.01 percent, reaching USD 2.86 billion from USD 2.45 billion in the corresponding period of the previous year.
Among these non-traditional markets, Japan, Australia, and South Korea emerged as key growth destinations, witnessing increases of 23.03 percent, 45.44 percent, and 29.85 percent, respectively. However, there was a 12.8 percent decline in apparel exports to India.
The overall export scenario for Bangladesh in July-October 2023-24 is promising, with a total export value of USD 14.78 billion, marking a robust growth of 5.95 percent compared to the same period in the previous year, which recorded USD 13.95 billion.
BGMEA director Mohiuddin Rubel told Bangladesh Post, "As the global economic landscape continues to evolve, the country's RMG sector remains dynamic, adapting to market fluctuations and demonstrating its significance in the international trade arena."
However, he also said that the recent blockade and factory vandalization may hinder the export earnings of the country as almost 130 factories remain shut down for few days.