In the first eight months – July-February FY2021-22 – of the current financial year, Bangladeshi readymade garments (RMG) worth $4.21 billion were exported to new markets, an exceptional increase of 24 percent over the previous year.
Bangladesh’s garment exports have improved significantly since the breakout of COVID. The country’s garment exporters are doing well in the unconventional and new markets as well as in the conventional markets of the USA, UK, Canada and the European Union (EU). Most notably, garment exports are increasing by more than 10% in most of the new markets.
According to the Export Promotion Bureau’s (EPB) recently published data, in July-February of FY2021-22, Bangladeshi entrepreneurs exported garments worth $4.21 billion to new markets, amounting to BDT 38,290 crore in domestic currency (BDT 86.20 per dollar). This export earning is 23.61 percent more than the same period of the previous financial year ($3.4 billion).
Mohammad Hatem, Executive President, BKMEA said, “Bangladesh is currently the most popular destination for fashion buyers looking to import goods that have been left over by other apparel exporting countries. Apart from that, Bangladesh’s competitors Vietnam, Cambodia, Myanmar etc. are also in jeopardy as they rely heavily on Chinese raw materials. As China is facing some difficulties recently due to various reasons.”
In the first eight months of the current financial year, Bangladesh exported a total of USD 27.49 billion worth of RMG. Of these, 13.65 went to EU countries, 5.77 to the United States, 2.93 to the United Kingdom and 0.82 billion to Canada.
Among the new markets, Japan imported $730 million worth of garments in July-February of FY2021-22, up by 15 percent from the same period last year. While $560 million worth of apparel has been exported to Australia. Increased by 9.48 percent.
Russia imported $480 million worth of RMG In the first eight months of the current financial year. Up BY 35.30 percent from the same period last year. But the Russia- Ukraine conflict has raised concerns about what will happen in the coming months.