In July-September, the first quarter of the fiscal year 2023-24, Bangladesh’s apparel exports to non-traditional markets increased by 24.93 percent to $2.24 billion from $1.80 billion in the same period of the previous year.
While Bangladesh’s apparel to the majority of non-traditional, or emerging markets are witnessing strong growth, its performance in neighboring India, an emerging market as well, has been rather disappointing.
Among major non-traditional markets, exports to Japan, Australia and South Korea increased by 39.44 percent, 54.11 percent and 37.01 percent respectively. However, Bangladesh’s garment exports to India fell by 7.69 percent.
In the first quarter of this fiscal year, apparel export to India was $282.82 million which was $306.39 million in the same period of the previous fiscal year.
As the two countries are next-door neighbors with common geographical borders and good connectivity by land, sea and air, Bangladesh has better opportunities in export-related trade with India than other distant non-traditional trades.
Referring to the performance of apparel items made in non-traditional markets, Mohiuddin Rubel, Managing Director of Bangladesh Apparel Exchange Ltd. and BGMEA Director said, exporters are encouraged to increase their exports to non-traditional markets to increase overall export earnings.
The BGMEA director emphasized on the need to maintain the growth momentum in the US and UK markets as well as achieving positive growth again from the apparel markets in Germany and India.
Noting that the country’s garment sector has now become more compliant with adequate technical support and skilled manpower, Mohiuddin Rubel expressed optimism that the garment sector will improve further in the coming days.
