Bangladesh’s RMG exports to non-traditional markets rise by 23.75pc in July

RMG exports to the United States, the largest export destination for Bangladesh, has increased by 6.31% in July of fiscal 2023-24 to $729.03 million, from $685.77 million in July 2022-23, according to recent statistics of the Export Promotion Bureau (EPB).

“During the first month of the fiscal year 2023-24, our clothing export to the EU market grew by 17.40% to $1.95 billion from $1.66 billion in the same period of last fiscal year. During the mentioned period, our exports to some major markets in the EU region such as Spain, France, Italy, Netherlands and Poland grew by 36.35%, 22.71%, 36.75%, 23.03% and 18.07% respectively,” BGMEA Director Mohiuddin Rubel said.

In a letter, Mohiuddin Rubel also said, “However, our export to Germany, the second largest export destination for Bangladesh, saw 0.70% year-over-year negative growth and reached $514 million. At the same time, exports to Finland, Cyprus, Czech Republic, Estonia, Lithuania, Malta, and Slovakia have declined significantly.”

During July, FY 2023, exports to the UK and Canada reached $475.54 million and $128.89 million, with 29.78% and 14.78% year-on-year growth respectively.

At the same time, apparel exports to the non-traditional markets also increased by 23.75% and reached $674.82 million.

Among the major non-traditional markets, exports to Japan, Australia, India and South Korea increased by 49.99%, 55.73%, 2.60% and 19.59% respectively, the letter reads.