RMG exports to EU up 3.66% in July-April

Bangladesh’s readymade garments (RMG) export to the European Union (EU) during July-April of the fiscal year 2023-24 reached $19.90 billion, an increase of 3.66% compared to the same period in the previous fiscal year, according to the latest statistics of the Export Promotion Bureau (EPB).

RMG exports to Spain, France, the Netherlands, Poland, and Denmark grew by 6.07%, 3.42%, 17.51%, 20.65%, and 32%, respectively. However, exports to Germany, the largest EU market, declined by 9.40% to $5.01 billion compared to July-April 2022-23. Similarly, apparel exports to Italy decreased by 2.45%, according to EPB data.

Outside the EU, RMG exports to the USA declined by 1.90% to $6.81 billion in the first 10 months of 2023-24.

At the same time, apparel exports from Bangladesh to the UK and Canada reached $4.8 billion and $1.26 million, a surge of 14.55% and 2.95% Y-O-Y growth respectively.

Bangladesh Garment Manufacturers and Exporters Association Director Mohiuddin Rubel said that during July-April of 2023-24, Bangladeshi apparel export to non-traditional markets grew by 10% to $7.70 billion from $7 billion in the corresponding period of the previous fiscal year.

Rubel, also the additional managing director of Denim Expert Ltd, stated that exports to major non-traditional markets such as Japan, Australia, and South Korea increased by 6.14%, 17.18%, and 14.73%, respectively. 

However, Bangladeshi apparel exports to India declined by 22.44%, a trend that has been ongoing since August 2023.