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Apparel exports to major destinations see narrow growth Jul-Apr’FY23

BTJ Desk Report
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Apparel exports to major destinations see narrow growth Jul-Apr’FY23

The apparel exports see a narrow growth of 9.09%from $35.36 billion to $38.57 billion in the July-April period of the current fiscal year (FY2022-23) from $35.36 billion the FY2021-22.

However, in the period from July to April of the FY23, garment exports had negative growths from their top and second-largest single destinations, the United States (US) and Germany.

According to country-specific detailed data compiled by the BGMEA and published by the Export Promotion Bureau (EPB), Bangladeshi manufacturers exported apparel products worth $7.48 billion to the US, their top export market, representing a negative growth of 7.13% from $6.94 billion during the same period of the previous fiscal year.

In the mentioned period, they delivered RMG items worth $5.97 billion to Germany, the second-largest single export market, witnessing a negative growth of 7.33% from $5.53 billion in the same period the previous fiscal year.

However, Bangladesh witnessed a moderate positive growth of 10.88% by exporting apparel items worth $4.19 billion to the UK, the third largest destination, higher from $3.77 billion in the same period of the last FY, EPB data said.

Apparel exports to other major destinations such as Spain, France, Italy and the Netherlands increased by 16.69% to $2.95 billion, 22.21% to $2.40 billion, 42.40% to $1.85 billion, and 24.95% to $1.5 billion respectively.

Apparel exports to the overall European Union (EU) soared by 8.58% to $19.20 billion from $17.68 billion in the same period of FY22.

Exports to Canada reached $1.22 billion, fetching a YoY growth of 16.09% from $1.05 billion in the same period of last FY.

The apparel export to the non-traditional markets reached $7 billion with a 30.80% YoY growth from $5.35 billion in the same period of the last FY22.

Japan, Australia, Russia, India, China, South Korea, UAE, Malaysia, Brazil, Mexico and some other countries are known as non-traditional markets.

Among the major destinations of the non-traditional markets, exports to Japan reached $1.32 billion, with a YoY growth of 40.73% from $939.18 million in the last fiscal year.

Bangladesh earned $889.06 million from India between July and April of FY22-23, a 50.33% increase from $591.41 million during the same period the previous fiscal year.

According to EPB data, non-traditional market exports to Australia, South Korea and Mexico climbed by 39.06% to 961.30 million, 31.61% to $477.81 million and 31.10% to $287.68 million, respectively.

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