The country’s garment exports to non-traditional markets increased by 32.74 percent in the last fiscal year 2022-23 over the previous fiscal year.
Although garment shipments from Bangladesh to major destinations witnessed negative growth over the past few months due to global crisis, rising exports to non-traditional markets is a good news for the country, experts said.
They said the apparel sector is performing well in non-traditional markets following the Covid-19 recovery.
This is attributed to the relatively stronger economic performances of these markets compared to their Western counterparts, they added.
According to data from the Export Promotion Bureau (EPB), the country’s garment exports to the European Union (EU) in the previous fiscal year were $21.40 billion. In the fiscal year 2022-23, this increased by 9.93 percent to $23.52 billion.
However, at the same time, exports to some major EU markets such as Germany and Poland have declined significantly.
Bangladesh’s garment exports to Spain, France, Italy, Denmark and the Netherlands were $3.37 billion, $2.94 billion, $2.27 billion, $1.28 billion and $1.85 billion respectively.
Meanwhile, in the fiscal 2021-22, the amount of exports to the United States decreased by 5.51 percent to 8.51 billion in the fiscal 2022-23 over the previous fiscal amounting to $9.01 billion.
At the same time, exports to the UK and Canada increased by 11.78 percent and 16.55 percent respectively.
In the fiscal year 2022-23, Bangladesh’s garment exports to non-traditional markets witnessed a rapid growth of 31.38 percent.
Exports to major non-traditional markets such as Japan, Australia and India crossed the $1 billion milestone.
The non-traditional market share in total apparel exports increased by 17.82 percent in FY 2022-23. In the fiscal year 2021-22, the growth rate was 14.96 percent.
MohiuddinRubel, of the directors of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said, “Exports in the European market have increased by 9.93 percent to $23.52 billion in the last fiscal year compared to the 2021-22 fiscal year. However, our apparel exports have declined in some major European markets. On the other hand, exports to non-traditional markets, especially Japan, Australia and India, are increasing.”