Global apparel exports from Bangladesh witnessed a 5.95% rise, reaching $14.78 billion in July-October of FY2023-24, compared to $13.95 billion in the corresponding period the previous year. According to the latest data from the Export Promotion Bureau (EPB), exports to the European Union saw a 3.99% growth, totaling $7.06 billion during the same timeframe.
Notably, specific countries within the EU experienced varying trends. RMG exports to Spain, France, Netherlands, and Italy exhibited growth rates of 18.07%, 2.56%, 12.73%, and 9.88%, respectively. However, Germany, the largest export market in the EU, witnessed an 11.49% decline, amounting to $1.81 billion compared to $2.04 billion in the July-October period of FY2022-23.
In the United States, RMG exports reached $2.57 billion in July-October 2023-24, marking a 3.05% year-on-year decrease. Meanwhile, exports to the UK and Canada stood at $1.8 billion and $462.86 million, with positive growth rates of 14.63% and a negative rate of 1.53%, respectively.
During July-October of FY2023-24, Bangladesh’s apparel exports to non-traditional markets surged by 17.01%, totaling $2.86 billion, up from $2.45 billion in the corresponding period of the previous year. Among these non-traditional markets, exports to Japan, Australia, and South Korea experienced substantial growth rates of 23.03%, 45.44%, and 29.85%, respectively. However, there was a notable decline of 12.8% in apparel exports to India during the same period.