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RMG export sees 45.26% rise to EU in Jan-Aug’22

BTJ Desk Report
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RMG export sees 45.26% rise to EU in Jan-Aug'22

The apparel export to the European Union (EU), the largest destination of the country’s apparel shipment, saw a positive growth of 45.26% to $15.37 billion in the first eight months (January-August) of this year (2022), according to the latest import statistics revealed by the European Statistical Office (Eurostat) and compiled by the BGMEA.

Manufacturers had exported apparel items worth $10.58 billion to the EU countries in the same period last year, revealed the Eurostat data.

Moreover, the EU’s global apparel imports grew to $67.18 billion in the first eight months of 2022, attaining a growth of 26.77% from $52.99 billion in the same period last year, data showed.

However, local manufacturers said that Eurostat usually has a gap of three months in publishing data.

So, since July, the global situation has changed notably due to economic turmoil, inflationary pressures, war, and prolonged summer which led to a decline in orders and already caused negative growth in September by 7.52%, and October saw a very narrow growth in export earnings.

However, according to the Eurostat data, China, the top apparel exporter to the EU, registered a growth of 23.52% year-on-year (YoY) to $14.93 billion in the mentioned period, higher than $12.09 billion in the same period last year.

China, being the top apparel import source for the EU and having a 28.06 % share, registered a y-o-y growth of 26.59% to $18.85 billion in January-August, 2022, higher than $14.89 billion in the same period of 2021.

Followed by Bangladesh, Turkey is the third largest apparel exporter to the EU and also posted a YoY growth of 16.97%. In the January to August period of 2022, the EU imported apparel items worth $8.17 billion from Turkey, higher than $6.99 billion in the first eight months of last year.

Being fourth, India registered a growth of 28.85% to $3.59 billion, from $2.79 billion in the same period of 2021, Eurostat data said.

Vietnam secured the fifth position by exporting apparel items worth $2.76 billion in the first eight months of 2022, fetching a YoY growth of 25.75% from $2.19 in the same period last year.

Among other notable global apparel manufacturers, Pakistan fetched a YoY growth of 31.34% to $2.56 billion, Cambodia of 42.21% to $2.37 billion, and Morocco of 16.16% to $2.16 billion in the January to July period of the current year, Eurostat data showed.

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