Amidst geopolitical uncertainties affecting Bangladesh’s readymade garments (RMG) industry, exporters are actively seeking alternative global markets.
Media reports maintained this adding traditionally reliant on the United States and the European Union (EU), Bangladesh RMG sector witnessed a significant shift towards non-traditional markets, yielding US $ 8.37 billion in the last fiscal year, marking a 31.38 per cent annual growth even as official statistics highlight Australia, Japan, and India as leading non-traditional markets, each surpassing a billion dollars in earnings.
In contrast, economic partnerships with existing major markets like Germany and the USA experienced declines in the fiscal year 2022-23.
Non-traditional markets contributed US $ 6.37 billion in the fiscal year 2021-22, constituting 17.82 per cent of the total RMG earnings of US $ 46.99 billion.
Industry insiders identify 15 prospective markets beyond the traditional destinations, including Australia, Brazil, China, India, and others.
Speaking to media, BGMEA vice-president Md Shahidullah Azim emphasized the focus on new markets and product diversification to sustain growth amid economic uncertainties.