NewsTextiles & Apparel

RMG exports to the US, Germany further declines in July-March’FY23

BTJ Desk Report
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RMG exports to the US, Germany further declines in July-March’FY23

The apparel exports from Bangladesh saw negative growth from its largest and second largest single destinations – the United States (US) and Germany in the July-March period of the current 2022-23 fiscal year (FY).

According to the country-wise detailed data published by the Export Promotion Bureau (EPB) and compiled by the BGMEA, Bangladeshi manufacturers shipped apparel items worth $6.25 billion to the US – the single largest export destination – fetching a negative growth of 5.01% from $6.58 billion in the same period of the last fiscal year.

In the July-March period of FY23, they delivered RMG items worth $5.14 billion to Germany, the second-largest single export market, witnessing a negative growth of 4.16% from $5.37 billion in the same period the previous fiscal year.

However, Bangladesh witnessed a moderate positive growth of 14.04% by exporting apparel items worth $3.84 billion to the UK, the third largest destination, higher from $3.37 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 18.82% to $2.69 billion, 25.23% to $2.14 billion, 50.4% to $1.7 billion and 28.18% to $1.38 billion respectively.

Apparel exports to the overall European Union (EU) soared by 11.78% to $17.61 billion from $15.75 billion in the same period of FY22.

Exports to Canada reached $1.08 billion, fetching a YoY growth of 17.68% from $925.98 million in the same period of last FY.

The apparel export to the non-traditional markets reached $6.44 billion with a 34.74% YoY growth from $4.78 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 $1.22 billion, with a YoY growth of 43.79% from $849.64 million in the last fiscal year.

Bangladesh earned $830.51 million from India between July and March of FY22-23, a 58.38% increase from $524.39 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 42.22% to $889.88 million, 34.69% to $449.55 million and 38.53% to $263.74 million, respectively.

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