RMG exports to the European Union totaled US $ 13.92 billion from July to January of the Fiscal Year (FY) 2023-24, according to the Export Promotion Bureau (EPB).
The rise of exports to Spain, France, the Netherlands, and Poland was 1.32 per cent higher than that of the same time in the previous fiscal year, accounting for 6.05 per cent, 4.25 per cent, 11.77 per cent, and 20.30 per cent of the total. On the other hand, local apparel exports to Italy dipped by 1.81 per cent.
In contrast, Germany, the EU’s biggest export market, cut its imports by 13.46 per cent, or US $ 3.51 billion, between July and January of 2022–2023.
A 3.90 per cent decrease in RMG exports to the United States occurred in the first seven months of FY 2023–24, with US $ 4.79 billion.
At the same time, exports to the UK and Canada reached US $ 3.31 billion and US $ 871.27 million in FY 2023-24, showing an increase of 12.98 per cent and 0.68 per cent respectively.
The apparel export to non-traditional markets increased by 11.69 per cent to US $ 5.46 billion from US $ 4.89 billion in the same time the previous year in the fiscal year 2023–2024.
Exports to South Korea, Australia, and Japan, three of the largest non-traditional markets, climbed by 17.57 per cent, 23 per cent, and 8.74 per cent, respectively. But there was a 21.86 per cent drop in the export of clothing to India.
