A study by the private research institute Research and Policy Integration for Development (RAPID) suggests, Bangladesh could potentially export $65 billion worth of garments to the EU market by 2030.
Dr Mohammad Abdur Razzaque, Chairman and European Trade Researcher, states, Bangladesh's strong performance in exporting basic garments, coupled with a slight increase in demand for such items in the European market, has driven the overall export income during January-April this year. RAPID believes, Bangladesh has an additional export opportunity of $18 billion to the EU even in the current market conditions.
Bangladesh is currently the second-largest exporter of apparel to the EU, followed by China. From January to April this year, the European Union's 27 member states collectively imported $32.48 billion worth of clothing from the global market. Of this total, Bangladesh supplied a substantial one-fourth, amounting to $8.06 billion to the EU. This represents a remarkable 24 per cent increase compared to the same period last year, according to data analyzed from Eurostat by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
According to the latest data from the Export Promotion Bureau (EPB), Bangladesh earned $36.56 billion from global garment exports in the first 11 months (July-May) of the FY24-25. Of this, knit garments accounted for $19.62 billion, and woven garments for $16.94 billion. The EU is Bangladesh's largest export market for ready-made garments (RMG), generating approximately 60% of the country's total RMG export revenue.
Apparel exporters are optimistic about the increased shipments to major markets, even as the industry navigates various internal and external challenges. However, concerns remain regarding new US trade policies and the potential ramifications of the Israel-Iran conflict.
Mohammad Hatem, President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), notes, though the political situation after the July-August mass uprising had a negative impact on the association’s business, export income has increased. RMG exports to the US market have also increased.
