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Moinul Haque | Published: 22:04, Apr 16,2023
Bangladesh’s apparel exports to the non-traditional markets continued to rise and the share of total clothing exports to the destinations increased to 18.28 per cent in the July-March period of the financial year 2022-23 compared with that of 15.22 per cent in the same period of FY 2021-22.
The country’s readymade garment exports to the non-traditional markets in the nine months of FY23 grew by 34.74 per cent to $6.44 billion compared with those of $4.78 billion in the same period of FY22 due mainly to an encouraging growth in the Asian countries, including India, Japan and South Korea, according to Export Promotion Bureau data.
Exporters said that amid the global economic slowdown and declining demand in the western countries, Bangladesh’s apparel exports to the non-traditional markets found a silver lining.
Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan recently told New Age that they had taken exclusive measures to increase exports to the non-traditional markets especially in India, Japan and South Korea.
He said that there was a huge potential to grow the exports of Bangladesh apparel in the Asian market and the BGMEA was working on it to achieve its target of $100 billion in exports by 2030.
The BGMEA president said that the increasing exports in the non-traditional markets would help the Bangladesh RMG sector offset the declining demand for apparel on the western markets.
The RMG export to India in July-March of FY23 increased by 58.38 per cent to $830.51 million compared with that of $524.39 million in the same period of FY22.
The apparel export to Japan in July-March of FY23 grew by 43.79 per cent to $1.22 billion compared with that of $849.64 million in the same period of FY22, the data showed.
Bangladesh’s apparel export to South Korea in the nine months of FY23 increased by 34.69 per cent to $449.55 million compared with that of $333.77 million in the same period of FY22.
The RMG export to Australia in July-March of FY23 grew by 42.22 per cent to $889.88 million compared with that of $625.71 million in the same period of FY22.
Bangladesh’s readymade garment export to the United Arab Emirates in the nine months of FY23 increased by 15.77 per cent to $230.43 million compared with that of $199.04 million in the same period of FY22.
The apparel export to Brazil in the nine months of FY23 rose by 73.15 per cent to $127.88 million compared with that of $73.85 million in the same period of FY22.
In July-March of FY23, Bangladesh’s apparel export to the European Union increased by 11.78 per cent to $17.61 billion compared with that of $15.75 billion in the same period of FY22.
The EPB data showed that apparel export to the United States, the largest destination for Bangladesh, declined by 5.01 per cent to $6.25 billion in the nine months of FY23.
The RMG export to Germany, the second largest destination for Bangladesh, fell by 4.16 per cent to $5.14 billion in July-March of FY23.
BGMEA director Mohiuddin Rubel said that the trade body was working on facilitating the exploration of new markets as well as it was working on policy reforms to simplify business.
‘Our efforts will continue and it is time for all of us in the industry to promote and highlight our strengths in new products and new markets before the global customers to explore new opportunities,’ he said.
