The Export Promotion Bureau (EPB) has released the country-wise export data for the July-April period of the fiscal year 2022-23, showcasing a remarkable growth of the readymade garments (RMG) sector.
The total RMG exports during this period reached a significant milestone of USD 42.63 billion, reflecting a year-over-year growth of 10.67 percent.
The EPB data highlights the European Union (EU) as a crucial market for the country’s RMG industry, accounting for a substantial portion of the growth. Out of the total RMG exports, USD 21.22 billion was destined for the EU market, capturing a share of 49.78 percent of the overall exports.
The United Kingdom (UK) held a share of 10.77 percent, with Bangladesh exporting goods worth USD 4.59 billion to the UK market.
The country’s RMG exports to the United States stood at USD 7.73 billion, representing an 18.14 percent share of the total exports. Although there was a slight decline of 5.07 percent compared to the previous year, it remains a substantial market for the country’s garment industry.
Canada held a share of 3.26 percent, with exports totaling USD 1.39 billion, while non-traditional markets received exports worth USD 7.69 billion, accounting for 18.04 percent of the total.
The EPB data reveals that the European Union contributed signif
icantly to the country’s RMG export growth, with a 9.94 percent increase and exports reaching USD 21.22 billion during July-May 2022-23, compared to USD 19.30 billion in the corresponding period of the previous fiscal year.
Notably, while RMG exports to Germany declined by 7.22 percent to USD 6.03 billion from USD 6.50 billion, exports to France and Italy experienced substantial growth. France witnessed a remarkable increase of 23.4 percent, with exports valued at USD 2.6 billion, while Italy recorded a significant surge of 44.81 percent, with exports amounting to USD 2.06 billion.
In contrast, the country’s exports to the United States experienced a slight decline of 5.07 percent, dropping from USD 8.14 billion to USD 7.73 billion. However, exports to the UK and Canada displayed positive growth rates of 12.17 percent and 17.62 percent, respectively.
Meanwhile, exports to non-traditional markets expanded by an impressive 32.74 percent. Among the major non-traditional markets, Japan witnessed an impressive growth rate of 45.80 percent, while Russia and Chile faced negative growth rates of 28.82 percent and 11.79 percent, respectively.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director MohiuddinRubel told Bangladesh Post, “The robust growth of our RMG exports highlights the industry’s resilience and competitiveness on the global stage. It reinforces the country’s position as a significant player in the international garment trade, with the EU market playing a pivotal role in this success.”
The sector’s ability to navigate challenges and tap into new markets bodes well for its continued growth and the overall economy of Bangladesh, he added.