a year ago

RMG exports see over 10pc growth in 11 months

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The total RMG export during July-May period of fiscal year 2022-23 has reached $42.63 billion, registering a 10.67 per cent year-over-year growth, according to Export Promotion Bureau (EPB) data.

Out of this total RMG export, $21.22 billion went to the EU market with a share of 49.78 per cent of total export, BGMEA Director Md Mohiuddin Rubel said on Saturday, reports UNB.

The UK held a share of 10.77 per cent and a total of $4.59 billion has been exported there; $7.73 billion worth of garments has been exported to the USA market, which accounted for 18.14 per cent of total export; Canada held a share of 3.26 per cent and a total of $1.39 billion has been exported to Canada, while $7.69 billion garments went to the non-traditional market, which had a share of 18.04 per cent, according to the EPB data.

The European Union has contributed significantly to this growth as it is Bangladesh's largest RMG export destination, with 9.94 per cent growth and $21.22 billion of export during July-May 2022-23, said Mohiuddin, additional managing director of Denim Expert Limited.

RMG export to Germany has declined by 7.22 per cent, with a total export of US$ 6.03 billion, compared to $6.50 billion in July-May 2021-22.

In France and Italy, exports have increased by 23.4 per cent and 44.81 per cent with $ 2.6 billion and $ 2.06 billion of exports respectively.

During the period, exports to the USA dropped by 5.07 per cent, from $ 8.14 billion to $ 7.73 billion, while exports to the UK and Canada have grown by 12.17 per cent and 17.62 per cent respectively.

At the same time, the export to non-traditional markets has increased by 32.74 per cent. Among the major non-traditional markets, Japan has shown 45.80 per cent positive growth while Russia and Chile have shown 28.82 per cent and 11.79 per cent negative growth respectively, the EPB data showed.

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