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Apparel exports to India wondering in the first half of FY 22-23

Bangladesh is showing wonderment in garment export to India. In the first six months of the current fiscal year 2022-23, Bangladeshi exporters exported readymade garments worth $550 million, which is 50 percent more than the same period of the previous fiscal year. Last year Bangladesh exported $365.9 million in the same period of the last financial year.

Apparel exports to India
Figure: Apparel exports to India wondering in the first half of FY 22-23.

In these six months, knitwear exported to India is $253.1 million which is 56.56 percent more than the same period of the previous year and the woven exported worth $295.7 million which is 44.80 percent up from the previous year.

According to the data, in the first month of the current fiscal year, Bangladesh exported goods worth $152 million to India. In August it increased to $222.4 million and in September, it increased further to $240 million. However, in October, November and December, the export to India declined to $176.7 million, $177.5 million and 171.7 million respectively.

In these six months, the total export to India is $1.14 billion, which is 4.17 percent of the total export earnings of the period and 7.31 percent more than the same period of last financial year.

According to EPB data, the country with the highest foreign exchange earnings from apparel exports as a single country Bangladesh earned $427.85 million 85 million (4.28 billion) dollars from the United States during July-December, the growth was only 1.11 percent.

Apparel exports to India wondering in the first half of FY 22-23
Figure 2: The export of goods to India has exceeded $1 billion in the last three financial years, which is $1.28 billion in 2020-21, $1.09 billion in 2019-20 and $1.25 billion in 2018-19.

Among the European countries, from July-December, the apparel export to Germany increased by 3.54 percent and reached 3.45 billion dollars. Exports to Spain and France increased by 17.62 percent and 33.08 percent to $1.70 billion and $1.41 billion, respectively.

On the other hand, while exports to Poland decreased by 18.43 percent in these six months, exports to the United Kingdom and Canada increased by 11.89 percent and 28.42 percent, respectively, reaching 2.39 billion and 77.61 million dollars.

In addition to traditional markets, apparel exports to non-traditional markets increased by 32.19 percent from $3.05 billion to $4.04 billion during the same period last fiscal. Among non-traditional markets, exports to Japan rose 42.54 percent to $754.7 million.

In this regard, BGMEA president Faruque Hassan told the media, EPB shows that there is a positive growth in the export of ready-made garments in major countries, but the growth has decreased compared to the previous months. This indicates that growth may slow further in the coming days.

But, we can see a glimmer of hope in the export of our clothes to the neighboring country India. Exports of Bangladesh have increased in all countries in the last two fiscal years, but the largest increase has been in India.

Exceeding all previous records, Bangladesh’s product exports to India in the last fiscal year 2021-22 reached the milestone of $2 billion, which was 55.62 percent more than the previous fiscal year. Out of this, about $720 million came from the apparel export among this $400 million from woven and $315.6 million from knit.

In the history of Bangladesh, the export of goods to India has exceeded $1 billion in the last three financial years, which is $1.28 billion in 2020-21, $1.09 billion in 2019-20 and $1.25 billion in 2018-19.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

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