Amidst negative growth in garment shipments to major destinations caused by inflationary pressure from the Russia-Ukraine war, Bangladesh has found a silver lining in rising exports to non-traditional markets.
From January to April this year, apparel shipments to non-traditional markets increased by 28.95% to $2.96 billion, accounting for 19.01% of the country's annual garment exports.
Japan emerged as the top destination among these markets, with $566.99 million in four-month shipments. Other non-traditional markets such as Australia, India, South Korea, and Turkey also saw rising exports. However, Bangladesh experienced declines in exports to Russia, the UAE, and Chile.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) highlighted the growing potential of Asian markets like Japan, India, and South Korea.
While garment exports to the EU and the US declined, the upward trend in non-traditional markets has helped offset the overall decline. BGMEA emphasized the continued growth in shipments to non-traditional markets while acknowledging the challenges in major destinations like Germany.