RMG exports to EU up by nearly 12pc

Staff Reporter :
Bangladesh’s apparel exports to European Union (EU) went up by 11.81 per cent in July-August of the current fiscal year compared to the same period of the previous fiscal year, according to statistics released by the Export Promotion Bureau (EPB).

Apparel exports to the EU increased from $3.44 billion to $3.85 billion during the period, the EPB Data showed.

RMG Exports to some major EU markets such as Spain, France, Italy, Netherlands and Poland also increased by 26.94per cent, 8.45per cent, 28.73per cent, 18.95 per cent and 26.37 per cent respectively.

However, exports to Germany, Bangladesh’s second-largest export destination, declined by 6.29 per cent year-on-year to $994 million.

In the same the period, the RMG exports to the US increased from $1.42 billion to $1.46 billion, up by 2.95 per cent.

During the July-August period of FY 2023-24, exports to the UK and Canada reached $976.75 million and $243.44 million, and both markets grew by 19.14 per cent and 7.22 per cent, respectively.

Besides, Bangladesh’s garment exports to non-traditional markets increased by 21.94 to $1.47 billion.

Among major non-traditional markets, exports to Japan, Australia and South Korea increased by 33.97 per cent, 49.52 per cent and 19.51 per cent respectively.

Meanwhile, in July alone this year country’s merchandise exports grew by an impressive 15.26 percent year-on-year to $4.59 billion by acceleration in the shipment of apparel items.

The garment sector contributed over 86 per cent to the overall export earnings in the first month of the FY24.

In August, Earnings from merchandise shipments in August increased slightly by 3.80 per cent to $4.78 billion where garment shipments grew by 7.99 per cent to $4.04 billion.