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Bangladesh witnesses a significant growth in traditional and non-traditional market

In the July-March FY2021-22 period, Bangladesh Readymade Garments (RMG) export witnessed 33.81% growth, the EPB released the data showed. The data also showed that all the major apparel export destinations have witnessed significant growth.

During the mentioned period, Bangladesh’s biggest apparel export destination – the European Union – witnessed 31.51% increase to $15.76 billion in July-March 2020-21.

Figure: Bangladesh’s RMG export to the non-traditional markets increased to $4.78 billion.

Among the EU countries, Germany was the largest European market by fetching $5.37 billion with 27.77% growth compared to the same period of previous year. While apparel export to other major EU countries like Poland, Spain, France, and Italy have shown growth by 40.90%, 38.33%, 33.90%, and 22.68% respectively.

Bangladesh’s second leading apparel export destination – the USA market registered 53% year over year growth in the first 9 months of the current fiscal year.  And earned $6.58 billion.

Besides, RMG exports Canada have grown by 30% compared to the same time of previous fiscal year. Apparel export to UK reached to $3.37 billion in this time, up from $2.64 billion in July-March 2020-21.

At the same time, export to the non-traditional markets (all countries excluding EU, USA, UK, Canada) increased to $4.78 billion from $3.84 billion in the same period of time. Among the major non-traditional markets, Japan is Bangladesh’s top RMG export destination and export to Japan reached $849.64 million during the mentioned period.

The other non-traditional markets having high growth are Chile 132.73%, Mexico 76.93%, India 58.07%, South Korea 31.34%, Brazil 23.12%, South Africa 23.21%, and Turkey 22.77%.

Faruque Hassan, President, BGMEA said, “The growth we achieved so far is the outcome of sacrifices made by the RMG industry, the spirit we have shown in all the crises and the commitment. In the last few years, we made huge progress in the areas of responsible and sustainable manufacturing which have earned confidence on us. However, we need to look beyond the conventional pattern of business and growth, and prioritize investments in technologies, modernization, skills, efficiency, diversification in product range, which will add more value to our business and competitiveness.”

“BGMEA is working to facilitate exploration of new markets and to retain preferential market access. Thanks to the Government for the extraordinary support to explore non-traditional markets, which came at the persuasion of BGMEA. This has helped grow our export to non-traditional markets from less than a billion dollars to 5 billion dollars in last 12 years.”

Bangladesh denim industry

“Our efforts will be continued, and it’s time for all of us in the industry to promote and highlight our strengths in new products and new markets before the global customers (existing and new ones) to explore new opportunities. That will help sustain our growth in longer term,” Faruque Hassan added.

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

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