Bangladesh's readymade garment (RMG) exports to the European Union reached $19.90 billion during July-April of the 2023-24 fiscal, marking a 3.66% increase compared to the same period in the previous fiscal, according to the latest statistics from the Export Promotion Bureau (EPB).
Mohiuddin Rubel, Director of BGMEA, highlighted specific growth figures in various EU markets.
Exports to Spain, France, the Netherlands, Poland, and Denmark saw increases of 6.07%, 3.42%, 17.51%, 20.65%, and 32% respectively.
However, apparel exports to Italy declined by 2.45%, he informed.
Germany, the largest market for Bangladesh's RMG exports in the EU, experienced a significant decline by 9.40%, with export values dropping to $5.01 billion compared to the previous fiscal year's corresponding period.
In the US, RMG exports fell by 1.90%, reaching $6.81 billion in the first ten months of FY 2023-24.
Conversely, the UK and Canada saw substantial growth in imports of Bangladeshi garment products, with values reaching $4.8 billion and $1.26 billion, reflecting year-on-year increases of 14.55% and 2.95%, respectively.
Exports to non-traditional markets showed robust growth, increasing by 10% to $7.70 billion from $7 billion in the previous year. Among them, exports to Japan, Australia, and South Korea recorded growth of 6.14%, 17.18%, and 14.73% respectively.
However, exports to India saw a significant decline by 22.44%, a downturn that Rubel noted has been ongoing since August 2023.
BSS add: Bangladesh's RMG exports to the European Union (EU) registered a 3.66 percent growth during the July-April period of the current fiscal year (FY24) bagging $19.90 billion.
As per the latest statistics of the Export Promotion Bureau (EPB), Bangladesh's export to Spain, France, Netherlands, Poland and Denmark showed 6.07%, 3.42%, 17.51%, 20.65% and 32% growth respectively during this 10-month period.
However, apparel exports to Italy declined by 2.45%. On the contrary, RMG exports to Germany, the largest export market in the EU, declined by 9.40% with an amount of US$ 5.01 billion compared to the July-April period of the previous fiscal year (2022-23).
During this 10-month period, the country's RMG exports to U.S.A. reached US$ 6.81 billion with a fall of 1.90%.
At the same time, Bangladesh's exports to U.K. and Canada reached US$ 4.8 billion and US$1.26 million of FY2023-24 with a 14.55 % and 2.95% year on year (Y-O-Y) growth respectively.
During the July-April period of of FY24, Bangladesh's apparel exports to non-traditional markets grew by 10% to US$ 7.70 billion from US$ 7 billion in the corresponding period of previous year.
Among the major non-traditional markets, exports to Japan, Australia and South Korea increased by 6.14%, 17.18% and 14.73% respectively.
However, Bangladesh's apparel exports to India declined by 22.44%.
