Bangladesh’s readymade garment (RMG) export in its major destinations i.e. European Union and the United States have witnessed steady growth in the first three months of FY 2022-23. As per the latest statistics of the Export Promotion Bureau (EPB), during July-September of FY 2022-23, Bangladesh’s RMG export to the European Union reached $4.94 billion, with 12.43% growth compared to the same period of the previous fiscal year.
Among the major EU markets – Germany holds the top position with $1.52 billion in apparel export in July-September of FY 2022-23. However, the leading market export witnessed a thin growth with only 1.34%.
Export to the largest export market in the EU, grew by only 1.34% with an amount of during the mentioned time. Export to Spain and France showed 21.35% and 36.72% growth respectively. On the other hand, export to Poland, one of the most promising markets in the EU, declined by 24.49% compared to the July-September 2021-22.
While Bangladesh’s RMG export to the USA stood at $2.01 billion in the first three months of FY2022-23 with 5.13 % Y-O-Y growth, indicating a clear deceleration in growth. At the same time, export to UK and Canada reached $1.19 billion and $334.65 million, with 15.11 % and 17.40% growth respectively.
During July-September, of FY 2022-23, the country’s apparel export to non-traditional markets grew by 25.47% to $1.76 billion from $1.43 billion in the corresponding period of the previous year. Among the non-traditional markets, export to Japan reached $320.40 million dollars with 16.60% growth while Bangladesh’s export to India also increased significantly by 66.20%, which is $306.39 million. On the other hand, export to China, UAE, South Africa and Russia declined by 3.69%, 0.13%, 8.71% and 47.30% respectively during the mentioned period.
Md. Mohiuddin Rubel, Director, BGMEA said, “It’s clear from the data that growth is decelerating in major markets including USA and Germany caused by global economic turmoil and impact on retail markets.”