Bangladesh readymade garment (RMG) exports to the European market witnessed 44.60 percent growth during January-June this year compared to the same period a year ago with the amount totalling over $11.31 billion.
It was disclosed by the Eurostat official data at the latest apparel import statistics of the European Union (EU) for the period.
During the period, EU’s apparel import from Bangladesh increased by 44.60 percent compared to the same period of previous year, whereas their global import grew by 25.03 percent.
EU’s total imports from Bangladesh reached $11.31 billion.
China, being the top apparel import source for the EU, registered 21.78 percent growth year-on-year in the same period.
The EU imported $12.22 billion worth of apparel products from China during the January-July period, according to the data.
Turkey being the third largest apparel source of the EU also posted 20.38 percent growth year-on-year at the same period. The EU imported $10.89 billion worth of clothing products from Turkey.
The surge in EU’s import is caused mainly by recovery from the pandemic and increased shopping by consumers which resulted in retail sales growth,
However, the upward trend might not sustain in the following months of 2022 due to inflation at historic levels, especially the price hike of fuel and food, and the downturn in economic growth than projections which indicates a recession, Md. Mohiuddin Rubel, Director of BGMEA, feared.
Unusually, the long summer may also affect winter clothing range, he pointed out.
“However, we observed that Bangladesh’s total export maintained significant growth until August 2022, which means the EU’s imports from Bangladesh might keep on a positive trend till September,” said Md. Mohiuddin Rubel.
“But the exports may falter afterwards as retail sales is already affected by economic turmoil and buyers being cautious about overstock and current production,” he said, expressing concerns.