BD’s RMG export to EU rose by 43.38pc during Jan-July

Staff Reporter :
Export of Bangladesh’s apparel items to the European Union’s (EU) countries increased by 43.38 per cent to $13.15 billion during the January-July period of this year, as per the latest apparel import statistics by the European Statistical Office – Eurostat.
According to Eurostat, EU’s global apparel imports grew by 24.74 per cent during the period. EU’s apparel import from the world stood at $56.33 billion.
EU’s import growth in July 2022 compared to July last year was 22.7 percent from the world and 36.9 per cent from Bangladesh.
“So far the EU’s import picture shows a noticeable growth trend, which is obviously due to increase of the demand after improvement of Covid situation. And it also happened for increasing the cost of raw materials which leads to increase the cost per unit,” Director of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Md. Mohiuddin Rubel told The New Nation.
Retailers are struggling to adjust the rising inflation due to recent geopolitical tensions, he added.
“Retail sales of many European brands have declined significantly, which lead to increase their inventory stocks. EU imports are likely to decline in the final quarter of the year due to challenges in the global economy,” Md. Mohiuddin Rubel said.
Meanwhile, the union’s clothing imports from China reached $14.93 billion in the same period with 23.52 per cent year-over-year growth.
Other countries having significant growths are – Cambodia 41.50 per cent, Pakistan 28.05 per cent, Indonesia 30.86 per cent, Vietnam 22.78 per cent, and Morocco 16.67 per cent.
The import figure of the EU shows a significant growth trend which is primarily propelled by increased demand following the Covid-19 pandemic and increased raw material costs.
Due to the recent geopolitical tensions, retailers are struggling to adapt to an increasingly inflationary global market.
The retail sales of many European brands have declined which increased their inventory stock.
Given the challenges in the global economy, EU’s imports may start slowing down in the final quarter of the year.