Bangladesh’s garment exports to non-traditional markets, excluding the European Union, United States, and Canada, surged by 35per cent in the first eight months of the current fiscal year, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).During the July-February period of FY'23, the country earned $5.69 billion, up from $4.21 billion in the same period of the previous fiscal year.

During the same period, Bangladesh’s exports to India grew by over 61 per cent to $753 million, while exports to Japan increased by 47.65 per cent to $1.08 billion. The country's share of the non-traditional markets increased from 15.32 per cent to 18.13 per cent during the same period.

The BGMEA President added that Bangladesh’s exports to the European Union, the United Kingdom, and Canada grew by 14.29 per cent, 14.52 per cent, and 20.05 per cent, respectively. However, exports to the US declined by 2.87 per cent to $5.60 billion.

Despite the overall global market share declining due to the geo-political situation triggered by the Russia-Ukraine war and high inflationary pressure across the world, Bangladesh is striving to increase export earnings to non-traditional markets.

The garment sector's contribution to the overall export earnings is increasing, and now accounts for about 85% of the total. If the earnings of home textiles and other textile goods are taken into account, the share would be around 89 to 90 per cent.