Bangladesh’s apparel industry has recorded a strong year-over-year (Y0Y) growth of 9.09% for the period of July-April in FY2022-23, according to the data released by the Export Promotion Bureau (EPB).
The country’s total RMG export during this period reached $38.57 billion, out of which the EU market accounted for $19.20 billion, accounting for 49.78% of total exports.
The EPB data revealed that the country’s export to EU countries grew by 8.58% compared to the same period of the previous fiscal year.
However, exports to Germany, Bulgaria, and Poland have declined. In contrast, Bangladesh’s RMG export to France and Spain showed positive growth of 22.21% and 16.69% year-over-year, respectively.
Italy also displayed a positive trend, recording a growth of 42.40% and reaching $1.85 billion.
On the other hand, Bangladesh’s export to the USA market faced a negative growth of 7.13% for the same period and reached $6.94 billion.
The country’s apparel export to Canada and the UK markets, however, experienced positive growth rates of 16.09% and 10.88%, respectively.
Exports to non-traditional markets have also shown a positive trend with a growth rate of 30.80%, reaching $7 billion for the same period.
Among the non-traditional markets, Japan, Australia, India, and South Korea were the major markets with $1.32 billion, $961.30 million, $889.06 million, and $477.81 million worth of RMG exports, respectively.
Industry experts have suggested that Bangladesh needs to diversify its export markets to reduce its dependency on a few specific markets.
The government and private sector stakeholders need to work together to explore new markets and increase the country’s export volume.
Despite the challenges, Bangladesh’s RMG sector has shown resilience in the face of the pandemic and is expected to continue its growth trajectory, they added.
