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41.76pc growth on EU market in Jan-Oct

  • Staff Correspondent
  • 19 January, 2023 12:00 AM
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41.76pc growth on EU market in Jan-Oct

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The country's garment sector achieved 41.76 percent growth on the European market during the first ten months of 2022 as a result of prudent government policies and sustainable factory practices.

Bangladesh exported $19.40 billion worth of garments to Europe from January to October in 2022, posting robust growth of 41.76 percent year-on-year, according to the latest data from Eurostat, the statistical office of the European Union.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) shared the data on Wednesday.

EU apparel imports reached $86.74 billion during the period, registering a 24.41 percent increase from a year earlier. China continues to be the largest apparel supplier to the EU with a 29.39 percent share. During the first ten months of 2022, EU’s imports from China reached $ 25.49 billion with 22.43 percent growth year-on-year.

Also, Turkey's exports to the EU grew by 12.82 percent with transactions worth $10.12 billion. Imports from India reached $4.24 billion in Europe, up 23.46 percent on a year-on-year basis.

Among the other top suppliers, EU’s imports from Cambodia, Vietnam, Pakistan, Morocco, Sri Lanka and Indonesia increased by 39.69 percent, 33.05 percent, 28.55 percent, 9.59 percent, 18 percent and 31.76 percent respectively.

"Bangladesh posted the highest growth in Europe during the first ten months of last year. The volume of transactions is also not bad. Furthermore, the gap between China and Bangladesh is higher on the global market than it is in Europe," Mohiuddin Rubel, a director of BGMEA, told the Daily Sun.

Bangladesh exported $42.61 billion in RMG products in fiscal year 2021-22, accounting for 81.82 percent of its total export earnings of $52.08 billion. The apparel industry generated $31.45 billion in revenue during the challenging period of FY 2020-21, contributing 81.16 percent to the country's total exports of $38.75 billion.