Bangladesh’s garment exports to the European Union grew by 2.99% year-on-year to $18.15 billion during the January-November period of 2024. In terms of volume, shipments increased by 8.22%. However, the unit price of garments declined by 4.83% year-on-year during this period, which offset the growth in exports and underscored the challenges of maintaining profitability amid falling prices.
Overall, the EU’s total garment imports rose modestly by 0.86% in value to $85.36 billion but saw an 8.04% increase in volume, according to Eurostat data. Bangladesh’s export growth outpaced the EU’s overall import growth, but the average unit price of garments imported by the EU fell by 6.65%, impacting major sourcing countries like Bangladesh.
Among competitors, Cambodia achieved an impressive 20.66% growth in exports to the EU, totaling $3.88 billion. China’s exports rose by 1.85% to $24.04 billion, India’s by 1.05% to $4.23 billion, Pakistan’s by 11.69% to $3.47 billion, and Vietnam’s by 3.46% to $3.94 billion. In contrast, Turkey and Indonesia experienced declines in export value, highlighting the intense competition in the sector.
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