Business Report :
Bangladesh’s readymade garment (RMG) exports to the European Union reached $19.90 billion during July-April of FY24, marking a 3.66% increase compared to the same period in the previous fiscal year, according to the latest statistics from the Export Promotion Bureau (EPB).
Mohiuddin Rubel, director of BGMEA, highlighted specific growth figures in various EU markets.
Exports to Spain, France, the Netherlands, Poland, and Denmark saw increases of 6.07%, 3.42%, 17.51%, 20.65%, and 32% respectively.
However, apparel exports to Italy declined by 2.45%, he informed.
Germany, the largest market for Bangladesh’s RMG exports in the EU, experienced a significant decline by 9.40%, with export value dropping to $5.01 billion compared to the previous fiscal year’s corresponding period.
In the US, RMG exports fell by 1.90%, reaching $6.81 billion in the first ten months of FY24.
Conversely, the UK and Canada saw substantial growth in imports of Bangladeshi garment products, with values reaching $4.8 billion and $1.26 billion, reflecting year-on-year increases of 14.55% and 2.95%, respectively.
Exports to non-traditional markets showed robust growth, increasing by 10% to $7.70 billion from $7 billion in the previous year.
Among them, exports to Japan, Australia, and South Korea recorded growth of 6.14%, 17.18%, and 14.73% respectively.
However, exports to India saw a significant decline by 22.44%, a downturn that Rubel noted has been ongoing since August 2023.