Bangladesh’s RMG exports reach US$38.57b with 9.09pc YoY growth during July-April

Bangladesh's total RMG exports have recorded a healthy year-over-year (YoY) growth of 9.09 per cent for the July-April period of the current fiscal year (FY2022-23), according to the latest data released by the Export Promotion Bureau (EPB).

The country's total RMG exports during this period reached US$38.57 billion, out of which the EU market accounted for US$19.20 billion, accounting for 49.78 per cent of the total exports.

Besides, RMG items worth US$6.9 billion were exported to the USA market, having a share of 18.01 per cent of the total exports; RMG products worth US$1.2 billion were exported to Canada with a share of 3.19 per; and RMG exports to the non-traditional market were worth US$7.00 billion, accounting for 18.16 per cent of the total exports.

The EPB data showed that the country's exports to EU countries grew by 8.58 per cent compared to the same period of the previous fiscal year.

However, exports to Germany, Bulgaria, and Poland have declined. In contrast, Bangladesh's RMG exports to France and Spain showed positive growth of 22.21 per cent and 16.69 per cent year-over-year, respectively.

Italy also displayed a positive trend, recording a growth rate of 42.40 per cent fetching US$1.85 billion.

On the other hand, Bangladesh's exports to the USA market faced a negative growth rate of 7.13 per cent for the same period and reached US$6.94 billion.

The country's apparel exports to Canada and the UK markets, however, experienced positive growth rates of 16.09 per cent and 10.88 per cent respectively.

Exports to non-traditional markets have also shown a positive trend with a growth rate of 30.80 per cent, bagging US$7 billion for the same period.

Among the non-traditional markets, Japan, Australia, India, and South Korea were the major markets with US$1.32 billion, US$961.30 million, US$889.06 million and US$477.81 million worth of RMG exports, respectively.