Bangladesh's garment industry witnessed a notable rise in shipments to non-traditional markets during the July-May’24-25 period.
As per data released by the Export Promotion Bureau and compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the nation’s garment exports to these emerging destinations increased by 6.79 per cent Y-o-Y to $6.04 billion during the mentioned period.
However, the country did not register a rise in exports to all non-traditional markets. On the contrary, shipments to Russia, South Korea, the United Arab Emirates, and Malaysia declined during this period.
A powerhouse for Bangladesh’s RMG exports, the European Union commanded nearly 49.91 per cent of all shipments, totaling a value of 18.25 billion. The United States remains a strong second, with exports rising by 19.23 per cent to $7.03 billion. With exports of $1.20 billion and $4.04 billion respectively, Canada and the UK also made significant contributions.
On a Y-o-Y basis, RMG exports to the EU rose by 10.46 per cent, the US by 15.97 per cent, and Canada by 14.14 per cent. The UK saw more modest growth at 3.96 per cent. Within the EU, Germany emerged as the top export destination, receiving $4.58 billion in shipments, following by Spain and France with shipments worth $3.16 billion and $2.00 billion respectively.
On the product front, the knitwear segment showed robust growth of 10.98 per cent growth, while exports of woven garments also increased by 9.30 per cent. Overall, Bangladesh’s cumulative RMG exports increased by 10.20 per cent Y-o-Y to $36.56 billion during the July-May period.
Non-traditional markets encompass all destinations outside of the long-standing major buyers: the European Union, the United States, Canada, and the United Kingdom. Within this diverse group, exports to India grew by 17.35 per cent, followed by Turkey at 31.75 per cent, and Japan at 10.32 per cent.
