In the April-June period of the fiscal year (FY) 2021-22, Bangladesh readymade garments (RMG) exported $11 billion worth of products. The data from Bangladesh Bank’s ‘Quarterly Review on Readymade Garments: April-June FY’22’ showed that around $8.2 billion – accounts for 75% of the total RMG export – came from the top 9 export destinations.
The Bangladesh Bank review data showed that the top 9 export destinations are the USA, Germany, the UK, Spain, France, Italy, the Netherlands, Canada and Belgium.
The USA has been the top sourcing destination for the country’s apparel industry. As per the data of the USA-based agency Office of Textiles and Apparel (OTEXA), the USA imported $7.14 billion worth of apparel from Bangladesh.
While BGMEA’s data showed that in FY2021-22 all the top 9 export destinations showed positive export growth. From the very start of Bangladesh’s apparel voyage – entrepreneurs focused on these markets.
Overall Bangladesh’s RMG export attained 35.47% growth in FY22. While Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set an ambitious target of $100 billion in export target by 2030. BGMEA President Faruque Hassan expressed optimism to achieve the export target as they are diversifying the products and markets with a focus on non-cotton products. Also upgrading machinery and giving priorities to scaling and recalling workers.
