Tuesday, 27 September, 2022

US remains top destination of Bangladesh’s RMG

Apparel exports to China and Russia drop by 18pc and 1.7pc respectively in FY2021-22

  • Special Correspondent
  • 8 July, 2022 12:00 AM
  • Print news

United States remained the top apparel export destination for Bangladesh as the amount reached $9.01 billion in fiscal year 2021-22, registering a 51.6 percent growth.

The Export Promotion Bureau (EPB) released the country-wise export statistics for the just concluded fiscal year yesterday.    

On the other hand, Bangladesh export to the European Union countries also increased to over $21 billion with about 34 percent growth from the previous fiscal year. In FY2020-21, the total export to the EU region was around $16 billion, the data showed.

European Union is the largest importer of apparel products in the world.

Of the EU countries, Germany is the largest apparel export market for Bangladesh.

Bangladesh exported $7.16 billion of garment products to Germany during the fiscal year, increasing by 27.74 percent from a year ago.

The exports to other major EU markets Spain, France, Italy, Poland, and Netherland also witnessed strong growth.

“Our exports to UK and Canada also grew by 30.56 percent and 33.22 percent respectively,” said Moiuddin Rubel, a director at Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

At the same time, the year=on-year growth comparison showed that the export to the non-traditional market also increased by 25.40 percent in FY2021-22.

Among the major non-traditional markets, China and Russia experienced negative trends as the exports to those markets fell by 18.04 percent and 1.67 percent respectively.

Although the overall exports to the major markets experienced growth in the last fiscal year, there are fears that the post-Covid situations and geo-political tensions due to Russia-Ukraine war would cast negative impacts on trade dynamics in the days to come, said Moiuddin Rubel.

“The fears that the global economy and trade will go through a downward phase remain a concern for us,” he said.

BGMEA director, however, said that Bangladesh should not be overwhelmed with fears, but it should rather remain “cautiously optimistic.”