Apparel exports from Bangladesh showed moderate growth in both traditional and non-traditional markets during the first two months (July-August) of the current financial year (FY ’24).
This is as per reports, which cited detailed country-wise apparel export data from the Export Promotion Bureau (EPB), as compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), as per which Bangladesh exported apparel items worth US $ 7.99 billion during this period.
This represented a growth of 12.46 per cent compared to the US $ 7.11 billion recorded in July-August of FY ’23.
Notably, Bangladesh’s apparel exports to the United States, the largest single export destination, reached US $ 1.46 billion during this period, marking a year-on-year growth of 2.95 per cent compared to the same period in the previous fiscal year (July-August of FY ’22).
This was a positive turnaround after experiencing consecutive months of negative growth.
In contrast, exports to Germany continued to decline due to global economic turbulence and inflation, with Bangladesh exporting garments worth US $ 993.98 million, a 6.29 per cent decrease from the US $ 1.06 billion recorded in July-August of FY ’23.
A significant highlight was the 19.14 per cent year-on-year growth in apparel exports to the United Kingdom, amounting to US $ 976.75 million during the period, making it the third-largest destination for Bangladesh’s readymade garments (RMG) products.
Other major destinations, including Spain, France, Netherlands, Italy, and Poland, also witnessed positive growth in apparel exports, with increases ranging from 8.45 per cent to 28.73 per cent.
Overall, apparel exports to the European Union (EU) market surged by 11.81 per cent, reaching US $ 3.84 billion during the two-month period, compared to US $ 3.44 billion in the same period of the previous fiscal year.
Additionally, during July of FY 2022-23, exports to Canada reached US $ 243.44 million, showing a year-on-year growth of 7.22 per cent from US $ 227.03 million in July-August of the previous fiscal year, according to EPB data.
