Bangladesh's apparel exports to its major markets, the United States and Germany, have been declining for the past three months. This is due to a decrease in clothing consumption in western countries as a result of high inflation.

The United States was the largest export destination for Bangladeshi readymade garments in the first 10 months of the current financial year 2022-23, followed by Germany. However, exports to these markets declined by 7.13% and 7.33% respectively, according to data from the Export Promotion Bureau.

In contrast, Bangladesh's apparel exports to non-traditional markets increased by 30.80% in the first 10 months of FY23. The top non-traditional markets for Bangladesh's apparel exports are Japan, Australia, India, South Korea, United Arab Emirates, China, and Brazil.

The decline in apparel exports to major markets is a cause for concern for Bangladesh's economy, as the garment industry is a major source of foreign exchange earnings.

Exports to the United States declined by $533.78 million to $6.95 billion in the first 10 months of FY23, exports to Germany declined by $437.85 million to $5.53 billion in the first 10 months of FY23. Whereas, exports to the European Union, UK increased by 8.58% to $19.20 billion and by 10.88% to $4.19 respectively in the first 10 months of FY23. Banladesh’s exports to non-traditional markets increased by 30.80% to $7 billion in the first 10 months of FY23.

The decline in apparel exports to major markets is a challenge for Bangladesh's economy, but the BGMEA is taking steps to increase exports to non-traditional markets particularly in India, Japan, and South Korea. The association is also working to diversify the types of garments that Bangladesh exports, in order to make the industry more resilient to changes in the global market.