RMG exports to major markets see modest growth in Jul-Nov of FY2022-23

Readymade garment (RMG) export to major markets witnessed a modest growth in the first five months (July-November) of the current fiscal year 2022-23 (FY23).

According to the country-wise detailed apparel export data of the Export Promotion Bureau (EPB), and compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh exported apparel items worth $18.33 billion, fetching a growth of 15.61%, from $15.85 billion in July-November period of FY22.

During the period, apparel manufacturers shipped goods worth $3.47 billion to the United States (US), fetching a scant year-on-year (YoY) growth of 4.07%, from $3.34 billion in the same period of FY22.

They exported RMG worth $2.71 billion to Germany, registering a narrow growth of 1.88% from $2.66 billion in the same period of the last FY.

Registering medium growth of 11.71%, Bangladesh exported apparel items worth $1.96 billion to the UK, up from last year’s $1.76 billion, EPB data said.

The apparel export to the other major destinations such as Spain, France, Italy, Netherlands also registered a modest positive growth of 19.15% to $1.39 billion, 38.87% to $1.14 billion, 50.95% to $826.41 million, and 34.39% to $740.29 million respectively.

However, in Poland, exports marked a negative growth of 19.61% to $699.09 million.

During the mentioned period, the apparel export to the overall European Union (EU) market soared by 16.27% to $9.07 billion from $7.80 billion in the same period of the last fiscal year.

During July-November of FY2022-23, exports to Canada reached $623.54 million, fetching a YoY growth of 30.25% from $478.71 million in the same period of last FY.

The apparel export to the non-traditional markets reached $3.19 billion with 29.09% YoY growth, from $2.47 billion in the same period of the last FY22.

Among the major destinations of the non-traditional markets, exports to Japan reached $597.83 million, with a YoY growth of 38.11% from $432.86 million in the last fiscal year.

From India, Bangladesh bagged $474.45 million in the July-November of FY22-23, registering a growth of 48.78% from $318.89 million in the mentioned period of the last fiscal year.

Among the major destinations of the non-traditional markets, exports to Australia, South Korea, and Mexico increased by 21.88% to $380.04 million, 30.35% to $198.56 million, and 49.68% to $151.93 million respectively, said the EPB data.