Bangladesh’s RMG exports to traditional markets such as the US, EU and Germany declined in the first five months of FY’23. 

Data from the Export Promotion Bureau's (EPB) compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) indicates, Bangladesh’s apparel exports to traditional markets from July-November’24 increased marginally by 2.75 per cent to $18.83 billion from $18.33 billion in the same period of FY23.

Bangladesh RMG exports to the United States during his period declined by 5.76 per cent to $3.27 billion, compared to $3.47 billion of the same period in FY23.

Exports to Germany declined by 15.10 per cent to $2.30 billion from $2.71 billion recorded in July-November period of FY23. 

In the July-October period of FY24, Bangladesh’s apparel exports to the UK recorded a moderate Y-o-Y growth of 14.61 per cent or $2.25 billion from last year’s $1.96 billion.  EPB data stated. 

Apparel exports to the overall EU market, during the July-November period of FY24, declined by 0.18 per cent to $9.05 billion, down from $9.07 billion in the same period of last fiscal. 

Japan, Australia, Russia, India, China, South Korea, UAE, Malaysia, Brazil, Mexico and some other countries are non-traditional export markets for Bangladesh.

Bangladesh’s apparel exports to these non-traditional markets grew by 14.12 per cent Y-o-Y to $3.64 billion from $3.19 billion in the last FY.

Mohiuddin Rubel, Director, BGMEA, says, Bangladesh’s exports to non-traditional markets, especially Australia and Japan, are growing and providing support given the current situation. 

Manufacturers are focusing on these markets to offer diversified products that help maintain consistency despite the current global situation.