Bangladesh’s Readymade garments (RMG) export to non-traditional markets increased by around 38 percent year-on-year during the July-August period in fiscal year 2022-23.
The Export Promotion Bureau (EPB) released the country-wise export statistics on Thursday, saying that the apparel export to non-traditional markets totalled $1.20 during the period.
Among the non-traditional markets, exports to Japan and India increased by 25.81 percent and 98.92 percent respectively, EPB said.
However, exports to Russia and China declined by 58.29 percent and 13.21 percent respectively.
As per the statistics, our apparel exports to the European Union reached $3.45 billion with 23.21 percent growth year-over-year.
During the period, Bangladesh’s export to Germany, the largest of the EU apparel market, also grew by 16.44 percent.
Exports to Spain and France also increased by 24.52 percent and 37.73 percent respectively.
During the first two months of the current fiscal year, Bangladesh exported $ 1.41 billion worth of apparel to the USA which was 20.52 percent more compared to the same period a year ago.
Besides, Bangladesh RMG exports to UK and Canada enjoyed growth by 35.64 percent and 18.49 percent respectively.
Although the exports continued to grow until August 2022, the indicators and estimates suggest that there might be a slowdown from this month due to the global economic turmoil and record inflation affecting retail business.
“A number of global brands are suffering from decline in sales and unsold stocks, So they have begun to stop orders while we are reducing production at our end,” said BGMEA director Media Mohiuddin Rubel.
“The industry is bracing for another turbulent time ahead. We believe we can successfully overcome it with the continued support from the government,” he added.