Apparel export to US registered 5.01pc negative growth in July-Mar

Staff Reporter :
The country’s apparel export to the United State of America (USA) witnessed a 5.01 per cent year-on-year negative growth in July-March period of the current fiscal year (2022-23) due to decline in shipments of knitwear items.
Bangladesh exported garment items worth $6.25 billion to the biggest market during the mentioned period, according to a data prepared by Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The country export receipt from the market was one fifth of the overall earnings from clothing exports and was positive until December this fiscal year.
But, the apparel exports to the single-largest export destination for Bangladesh for decades started declining from January amid fears of recession caused by the ongoing war between Russia and Ukraine.
According to the BGMEA data, the overall apparel export increased to $35.25 billion registering 12.17 per cent year-on-year growth in the mentioned period from $31.43 billion in the same period of last year.
Of the export receipts, 49.96 per cent has come from EU, 17.76 per cent from USA, 10.91 per cent from UK, 3.09 per cent from Canada and 18.28 per cent from non-traditional market, the data showed.
The readymade garment export to the European countries increased by 11.78 per cent to $17.61 billion during the time from $15.75 billion in July-March period of last fiscal year (2021-22).
Among the major markets in the EU, the exports to Germany and Poland declined by 4.16 per cent and 14.86 per cent year-over-year while the exports to France and Spain grew by 25.23 per cent and 18.82 per cent year-over-year respectively.
Besides, the apparel exports to United Kingdom and Canada reached $3.84 billion and $1.08 billion registering with 14.04 per cent
and 17.68 per cent growth respectively. At the same time, the RMG export to the non-traditional market increased significantly by 34.74 per cent to $6.44 billion from $4.78 billion in last year.
Among the major non-traditional markets, exports to Japan, India, Australia, Turkey, Brazil, and South Korea grew by 43.79 per cent, 58.38 per cent, 42.22 per cent, 82.49 per cent, 73.15 per cent, and 34.69 per cent year-on-year growth respectively.
Mohiuddin Rubel, Director of the BGMEA, told The New Nation, “BGMEA is working to facilitate the exploration of new markets. It also is working on policy reforms to facilitate and simplify business.”
“Our efforts will be continued and it’s time for all of us in the industry to promote and highlight our strengths in new products and new markets before the global customers (existing and new ones) to explore new opportunities. That will help sustain our growth in the longer term,” Rubel, also Additional Managing Director of Denim Expert Limited, said.