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BD apparel fetches encouraging growth in major destinations

Despite the global economic downturn, Bangladeshi apparel exports to major destinations have seen encouraging growth. During the July-November period of the current financial year 2022-23, significant growth has been achieved in exports to EU, USA, UK, Canada as well as non-traditional markets.

BD apparel fetches encouraging growth in major destinations
Figure 1: During July-November of FY2022-23, exports to Canada reached $623.54 million, an increase of 30.25% from $478.71 million in the same period last fiscal.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has given this information in a statement after analyzing the data of Export Promotion Bureau (EPB) on Monday.

According to the data, during the July-November period of the current financial year, the apparel export to the European Union has increased by 16.27%. Total exports increased from USD 7.81 billion to USD 9.07 billion. In Germany, the largest market in the European Union, exports reached 2.71 billion dollars, a growth of 1.88% compared to the same period of the previous year.

Registering a moderate growth of 11.71%, Bangladesh exported apparel worth $1.96 billion to the UK, the third highest destination for the country’s RMG products, up from $1.76 billion last year, EPB data said.

Exports to other major EU countries like Spain, France, Italy and Netherlands have seen export growth of 19.15% to $1.39 billion, 38.87% to $1.14 billion, 50.95% to $826.41 million and 34.39% to $740.29 million respectively. Austria and Sweden have also seen export growth of 48.87% and 22.90% respectively.

During the above period, apparel manufacturers shipped goods worth $3.47 billion to the United States (US), the largest single export destination for Bangladesh, a year-on-year increase of 4.07% from $3.34 billion in the same period FY22.

During July-November of FY2022-23, exports to Canada reached $623.54 million, an increase of 30.25% from $478.71 million in the same period last fiscal.

BD apparel fetches encouraging growth in major destinations
Figure 2: Apparel exports to non-traditional markets grew by 29.09% YoY to $3.19 billion, from $2.47 billion in the same period last FY22. 

Mohiuddin Rubel, director of BGMEA said, “As part of the post-Covid recovery, our entrepreneurs had an extra effort; how to increase exports further. Special initiatives have been taken to expand exports to non-traditional markets as well as major destination countries. All in all, we have been able to increase exports.”

Apparel exports to non-traditional markets grew by 29.09% YoY to $3.19 billion, from $2.47 billion in the same period last FY22. Among major non-traditional market destinations, exports to Japan reached $597.83 million, a 38.11% increase from $432.86 million in the previous fiscal year.

In India, the export reached $474.45 million in July-November of FY22-23, an increase of 48.78% from $318.89 million in the same period last fiscal. Among major destinations in non-traditional markets, exports to Australia, South Korea and Mexico rose 21.88% to $380.04 million, 30.35% to $198.56 million and 49.68% to $151.93 million, respectively, EPB data said.

Earlier, BGMEA president Faruque Hasan said export earnings in November were much higher than expected considering concerns over the slowdown in the western market.

However, exporters said that despite the increase in export earnings in the first five months of FY23, they experienced a narrower or slower growth rate amid the ongoing global economic turmoil. But November’s record-high earnings show a glimmer of hope.

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

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