4 days ago

RMG exports to non-traditional markets see 35pc growth in July-Feb period

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Bangladesh’s apparel exports to the non-traditional markets, which excludes the European Union, US, and Canada, witnessed a 35 per cent growth during the first eight months of the current fiscal year.

The country fetched US$5.69 billion during the July-February period of FY'23, which was $4.21 billion in the same period of the last fiscal.

“During the period, our exports to India grew over 61 per cent to US$753 million, Japan to US$1.08 billion, marking 47.65 per cent growth,” Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said.

He also noted that during the July-February period of FY'22, Bangladesh’s share of the non-traditional markets was 15.32 per cent, which now stands at 18.13 per cent.

Mr Hassan was addressing a press conference on the current situation of the country’s readymade garment industry on Saturday at the trade body’s headquarters in the capital.

Bangladesh’s exports to the EU, UK and Canada grew by 14.29 per cent, 14.52 per  cent and 20.05 per cent to US$15.72 billion, US$3.36 billion and US$980.96 million, respectively.

Shipments to the US during the period, however, declined by 2.87 per cent to $5.60 billion.

Explaining the industry's growth momentum, Mr Hasan said they are working to increase the export earnings to the non-traditional markets despite the overall global market share declining due to the geo-political situation triggered by the Russia-Ukraine war and high inflationary pressure across the world.

The contribution of the garment sector to the overall export earnings is increasing and now stands at about 85 per cent, and the share would be about 89 to 90 per cent if the earnings of home textiles and other textile goods are taken into consideration, he added.

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