Bangladesh's apparel exports to EU increases by 16.61% in six months

Bangladesh's apparel exports to the European Union (EU) increased by 16.61 percent to $11.50 billion during the first half (July-December) period of the current fiscal year (FY23) compared to $9.87 billion fetched during the same period of the previous fiscal year (FY22).

Considering the major markets in the EU region as per the statistic of the Export Promotion Bureau (EPB), Bangladesh's export to Germany grew by 3.54 percent year on year reaching $3.45 billion. 

The country's export to Spain and France grew by 17.62 percent and 33.08 percent with an amount of $1.70 billion and $1.41 billion respectively during the first six months of the current fiscal year. On the other hand, exports to Poland declined by 18.43 percent during the mentioned period. 

Bangladeshi RMG export to USA stood at $4.27 billion in July-December period of the current fiscal year with only 1.11 percent year on year growth. At the same time, exports to the UK and Canada reached $2.39 billion and $774.16 million, with 11.89 percent and 28.42 percent growth respectively. 

Apart from the traditional markets, the country's apparel exports to non-traditional markets grew by 32.19 percent to $4.04 billion from $3.05 billion in the corresponding period of the previous year. 

Among the non-traditional markets, export to Japan reached $754.72 million with 42.54 percent growth. Bangladesh's exports to India also increased significantly by 50 percent, which is $548.89 million.

Talking to BSS, Director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Md. Mohiuddin Rubel said that although the statistics have shown positive growth in RMG exports to the major countries, but the growth has declined compared to the previous months of the current fiscal year. 

"It indicates that the growth might be declined further in the coming months," he added.

Source: BSS