National, Front Page

RMG exports to EU up by over 43 pc in 7 months

Published : 19 Oct 2022 10:11 PM | Updated : 20 Oct 2022 05:08 PM

Despite the crisis in the global market, Bangladesh’s garments exports to European Union (EU) countries have increased by 43.38 percent in seven months from January to July this year.

This information emerged in the latest import data of the European statistical agency EUROSTAT on Wednesday.

The European statistics organization ‘EUROSTAT’ published the latest apparel import statistics of EU for the period of January-July, 2022. As per the statistics, EU’s imports from Bangladesh increased by 43.38 percent to USD 13.15 billion during the mentioned period while their global apparel import grew by 24.74 percent. EU’s Apparel import from the world was USD 56.33 billion while import from Bangladesh stood at USD 13.16 billion in Jan-July, 2022. EU’s import growth in July 2022 compared to July 2021 was 22.7 percent from world and 36.9 percent from Bangladesh. 

During January-July 2022, EU’s import from China reached USD 14.93 billion with 23.52 percent year-over-year growth. Other countries having significant growths are - Cambodia 41.50 percent, Pakistan 28.05 percent, Indonesia 30.86 percent, Vietnam 22.78 percent, and Morocco 16.67 percent. 

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Mohiuddin Rubel told Bangladesh Post that there has been a noticeable growth trend in EU imports so far.

However, by the end of the year, the European Union’s clothing imports from the world may decrease, said the director of BGMEA.

He said that due to recent geopolitical tensions, retailers are struggling to adapt to the increasingly inflationary global market. Retail sales of many European brands have declined significantly, increasing their inventory stocks. 

“So far the import figure of the EU shows a significant growth trend which is obviously caused by increased demand after the Covid-19 and increased raw material costs leading to unit price hike. Given the challenges in the global economy, EU’s import may start slowing down in the final quarter of the year,” he added.

Related Topics