Bangladesh’s apparel exports to the European Union increased by 24 per cent in November 2024 compared with those in the same month of the previous year.
The EU’s apparel imports from Bangladesh increased by 24.09 per cent to 1.53 billion euros in November compared with those of 1.23 billion euros in the same month of 2023, according to data from the Eurostat, the statistical office of the EU.
The country’s exports were 1.75 billion euros in October with growth of 33.83 per cent, 1.54 billion euros in September with 7.39 per cent growth and 1.62 billion euros in August with 4.21 per cent growth.
A strong recovery was evident in the past three months, as exports from September to November in 2024 posted consistent growth, driven by heightened demand during the EU’s peak retail season.
Exporters said that global demand for apparel had risen as inflation eased and interest rates declined in western countries.
They said that Bangladesh had been receiving increased orders for higher-value-added products.
Furthermore, exporters expressed optimism about the steady flow of orders, adding that an improvement in the law-and-order situation could attract even more global orders to Bangladesh.
The country’s apparel exports to the EU in January-November of 2024 increased by 2.53 per cent, outperforming the global average of 0.34 per cent, mainly due to the consistent growth of past three months on the market.
It increased to 16.72 billion euros in the reporting period compared with those of 16.31 billion euros in the same period of 2023.
Knitwear exports to the EU during the reporting period increased by 0.89 per cent to 10.05 billion euros from 9.97 billion euros in the same period of 2023, while the woven sector saw a more substantial increase of 5.13 per cent, rising from 6.35 billion euros to 6.67 billion euros over the same period.
Data showed that the overall apparel imports by the EU from different countries in the first 11 months of 2024 slightly increased by 0.34 per cent to 78.60 billion euros from 78.33 billion euros in the same period of the previous year.
Bangladesh remained the second-largest apparel exporter to the EU after China, supported by its cost competitiveness and increased focus on sustainability, exporters said.
China retained its position as the EU’s largest apparel exporter in the first 11 months of 2024, with exports rising by 1.19 per cent to 22.11 billion euros from 21.85 billion euros in the same period of 2023.
China’s knitwear exports to the EU in the period grew by 3.67 per cent while woven garments saw a slight decline of 1.31 per cent.
The EU’s apparel imports from Turkey in the first 11 months of 2024 declined by 6.99 per cent to 8.60 billion euros from 9.24 billion euros in the same period of 2023.
The EU’s apparel imports from India increased by 0.70 per cent to 3.91 billion euros in January-November of 2024 compared with those of 3.88 billion euros in the same period of the preceding year.
Vietnam’s apparel exports to the EU in the first 11 months of 2024 grew by 2.87 per cent to 3.63 billion euros from 3.53 billion euros in the same period of 2023.
Cambodia and Pakistan emerged as strong performers in exporting readymade garments to the EU during the January-November period of 2024, driven by significant growth in both the knitwear and woven segments.
The EU’s apparel imports from Cambodia in the first 11 months of 2024 increased by 19.94 per cent to 3.58 billion euros compared with those of 2.99 billion euros in the same period of the previous year.
Pakistan’s apparel exports to the EU increased by 11.16 per cent to 3.20 billion euros in January-November of 2024 compared with those of 2.88 billion euros in the same period of 2023.
