In the first seven months (July-January) of the current financial year 2022-23, the country’s RMG exports to the European Union have increased by 15.04 percent. Exports to non-traditional markets also increased over the previous year. However, apparel exports to the United States have declined compared to the same period last year.
According to EPB data, Bangladesh’s apparel exports to the European Union in July-January of 2022-23 financial year have increased by 15.4 percent to $13.73 billion which was $11.94 billion the same period of the fiscal year 2021-22.
Exports to non-traditional markets increased by 33.44 percent to $4.89 billion in the first seven months of FY 2022-23 compared to FY 2021-22 from $3.67 billion. Of this, exports to Japan reached $920.26 million in July-January of the fiscal year 2022-23, an increase of 45.92 percent over the same period of the previous year.
On the other hand, in the seven months of the current fiscal year, Bangladesh has exported $4.98 billion worth of garments to the United States. During the same period a year earlier, apparel exports to United States were worth $5.08 billion fell by 1.98 percent compared to the same period in the previous fiscal year.
Among the non-traditional markets, the highest growth was in Malaysia 92.77 percent, Turkey 84.22 percent, Brazil 64.14 percent, India 58 percent, Mexico 42.70 percent, and South Korea 37.39 percent.
Exports to other major EU countries Italy, Austria, Netherlands and Sweden have increased by 57.50 percent, 32.93 percent, 32.41 percent and 23.28 percent respectively. Exports to the UK and Canada increased by 14.47 percent and 19.25 percent respectively over the corresponding period of the previous fiscal.
Germany, Europe’s largest market of Bangladesh, exported $4.06 billion worth of apparel, up nearly 1 percent from the same period last year. Exports to Spain and France also increased by 18.18 percent and 18.74 percent respectively.
Those concerned think that the reason for the export growth in non-traditional markets is that the government is giving incentives to exporters to create new markets.
Mohiuddin Rubel, Director, BGMEA said, entrepreneurs are trying to bring positive changes in the type and quality of clothing by considering the needs of these markets. As a result, there has been a noticeable increase in exports of small-scale garments over the last few years.
He also said that this growth rate has increased significantly in July-January this year. Considering the matter as positive, it is expected to continue in the future as well.
