RMG exports to EU see modest rise amid mixed performance in global markets

Bangladesh's readymade garment (RMG) exports to the European Union reached $19.90 billion during July-April of the 2023-24 fiscal, marking a 3.66 per cent increase compared to the same period in the previous fiscal, according to the latest statistics from the Export Promotion Bureau (EPB).

Mohiuddin Rubel, Director of BGMEA, highlighted specific growth figures in various EU markets, reports UNB.  

Exports to Spain, France, the Netherlands, Poland, and Denmark saw increases of 6.07 per cent, 3.42 per cent, 17.51 per cent, 20.65 per cent, and 32 per cent respectively. 

However, apparel exports to Italy declined by 2.45 per cent. 

Germany, the largest market for Bangladesh's RMG exports in the EU, experienced a significant decline by 9.40 per cent, with export values dropping to $5.01 billion compared to the previous fiscal year's corresponding period.

In the US, RMG exports fell by 1.90 per cent, reaching $6.81 billion in the first ten months of FY 2023-24. 

Conversely, the UK and Canada saw substantial growth in imports of Bangladeshi garment products, with values reaching $4.8 billion and $1.26 billion, reflecting year-on-year increases of 14.55 per cent and 2.95 per cent, respectively.

Exports to non-traditional markets showed robust growth, increasing by 10 per cent to $7.70 billion from $7 billion in the previous year. Among them, exports to Japan, Australia, and South Korea recorded growth of 6.14 per cent, 17.18 per cent, and 14.73 per cent respectively. 

However, exports to India saw a significant decline by 22.44 per cent, a downturn that Rubel noted has been ongoing since August 2023.