Bangladesh apparel exports are feared to slow down in the coming days to the European market, the key destination of the nation’s readymade garment products.
As per the data from January to August, the European Union imported $15.37 billion worth of clothing from Bangladesh, whereas their import from the world was worth $67.18 billion.
EU’s apparel import from Bangladesh has increased by 45.26 percent during the first eight months of 2022 compared to the same period of 2021.
China, being the top apparel import source for the EU and having 28.06 percent share, registered 26.59 percent year-on-year growth.
EU’s apparel imports from China reached $18.85 billion in January-August 2022.
Turkey is the third largest source for the EU and posted 20.38% growth during the same period. The EU's imports from Turkey grew by 16.97 percent.
At the same time, the EU imported $3.56 billion of garment products from India. EU’s import from India grew by 28.85 percent compared to the previous year.
“Bangladesh was in a better position in apparel exports to the EU market in the first eight months. But the RMG growth is likely to slow down in the coming days due to the Russia-Ukraine war,” said Md. Mohiuddin Rubel, Director of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).