Apparel exports in major markets slow down in 1st quarter

Staff Reporter :
The entrepreneurs of the country’s ready-made garment sector are worried over slow down in export growth in major markets including USA and Germany caused by global economic turmoil and impact on retail markets.
Apparel exports to European countries have reached $4.94 billion with 12.43 per cent growth in first three months (July-September) of the current fiscal year compared to the same period of last year, according to Export Promotion Bureau (EPB) data.
The RMG export to Germany, the largest destination market in the EU, grew by only 1.34 per cent with an amount of $ 1.52 billion during the mentioned time.
Export to Spain and France showed 21.35 per cent and 36.72 per cent growth respectively.
On the other hand, export to Poland, one of the most promising markets in EU, declined by 24.49 per cent compared to the same period of last year, the EPB data said.
Meanwhile, RMG export to USA stood $2.01 billion in the first three months of the current fiscal year with 5.13 per cent Year-On-Year growth, indicating a clear deceleration in growth.
At the same time, export to UK and Canada reached $1.19 billion and $334.65 million with 15.11 per cent and 17.40 per cent growth respectively.
The apparel export to non-traditional markets grew by 25.47 per cent to $1.76 billion from $1.43 billion in the corresponding period of previous year.
 Among the non-traditional markets, export to Japan reached $320.40 million dollars with 16.60 per cent growth while export to India also increased significantly by 66.20 per cent, which is $306.39 million.
On the other hand, export to China, UAE, South Africa and Russia declined by 3.69 per cent, 0.13 per cent, 8.71 per cent and 47.30 per cent respectively during the mentioned period.
“It’s clear from the data that the export growth is eroding in major markets including USA and Germany caused by global economic turmoil and impact on retail markets,” said Md Mohiuddin Rubel, Director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).