In the last fiscal, Bangladesh’s earnings from non-traditional or new markets were 14 per cent of total readymade garment export earnings.

In the context of Bangladesh’s key export destinations, the United States, Canada, the United Kingdom and the European Union countries are generally known as traditional markets. Japan, Australia, Russia, India, China, South Korea, UAE, Malaysia, Brazil, Mexico and many other countries are major destinations from the non-traditional side. Bangladesh’s apparel exports to non-traditional markets grew by 32 per cent year on year in the first half of this fiscal year compared to the same period of the last fiscal year.

The impact of the ongoing economic turmoil and geopolitical crisis is higher in traditional destinations like the US and the EU but comparatively lower in the non-traditional markets. Bangladesh has an opportunity to grab a big slice of the pie of the non-traditional market. Hence, apparel manufacturers of the country are preparing a roadmap to capture ten per cent of the global market by 2025, riding on exploring new markets or non-traditional markets. They are focusing on new markets as exports to Europe and the US may slow down due to the looming recession and inflation. For instance, Japan has long been one of the major destinations for Bangladesh.