The exports of the country’s readymade garment items witnessed substantial growth to its major destinations in the past eight months (July-February) of the current financial year 2024-25.
According to the country-wise detailed export data of the Export Promotion Bureau and compiled by the Bangladesh Garment Manufacturers and Exporters Association, Bangladesh exported RMG items worth $26.8 billion in July-February of FY25, a moderate increase of 10.64 per cent, from $24.22 billion in the same period of FY24.
Apparel exporters said that, thanks to the growing demands of brands and retailers, export earnings maintained a growth momentum despite the political transition since August 5.
In the July-February period of FY25, Bangladesh bagged $13.42 billion from the European Union countries, the largest market of Bangladeshi manufacturers. This is 11.53 percent higher than the $12.03 billion earned in the same period of FY25. The export earnings from the EU accounted for 50.10 per cent of the total earnings.
Export earnings from the US witnessed a robust growth of 16.38 percent to $5.07 billion, up from $4.35 billion in the July-February period of FY24. The US, the largest single destination for exporters, represented an 18.91 per cent share of the total earnings.
Fetching a positive growth of 3.74 per cent, Bangladeshi apparel exporters earned $2.92 billion in July-February of FY25 from the UK, higher from $2.82 billion in the same period of FY24, the EPB data stated.
From Canada, the RMG sector earned $845.55 million in July-February of FY25, 14.12 per cent more than the $740.91 million earned in the same period of FY24.
Germany remained the largest export destination within the EU countries, from where Bangladeshi RMG manufacturers bagged $3.38 billion in July-February of FY25.
Followed by Germany, the export earnings from Spain stood at $2.35 billion, France at $1.43 billion, Italy at $1.05 billion, Poland at $1.13 billion, and the Netherlands at $1.43 billion, the EPB data stated.
Regarding apparel exports, countries like the US, Canada, the UK, and the EU are considered traditional markets, while other countries are deemed non-traditional. Japan, Australia, Russia, India, China, South Korea, UAE, Malaysia, Brazil, and Mexico are major non-traditional export destinations.
Export earnings from the nontraditional market also demonstrated positive growth, with an overall surge of 6.23 percent reaching $4.52 billion, which was $4.26 billion in the FY24 period.
The nontraditional market represented 16.90 per cent of Bangladesh’s total RMG exports. Among these markets, Japan led with imports worth $839 million from Bangladesh, followed by Australia at $582 million and India at $478 million.
Moreover, RMG exports to Turkey and Mexico also witnessed significant earnings, amounting to $305 million and $229 million, respectively.
EPB data showed that export earnings from almost all major destinations experienced a double-digit growth rate during the July-February period.
Talking to New Age, Mohiuddin Rubel, former director of the BGMEA, said that Bangladesh’s ongoing growth in exports significantly depends on the EU and USA, which continue to be its main markets.
The moderate growth in the non-traditional market underscores the importance of further research and focus in this category, as it possesses substantial growth potential, which will also help to balance reliance on traditional markets, he added.
He also said there should be a dedicated emphasis on investing in backward linkages to bolster and enhance the RMG sector’s competitiveness and growth potential, as remaining competitive throughout is always essential.
