The country’s ready-made garment (RMG) exports to non-traditional markets have surged by a remarkable 23.75 percent, according to a report by the Export Promotion Bureau (EPB), on Thursday.
This surge in exports showcases the country’s increasing global reach and diversification of its trade partners.
The United States, which has traditionally been the country’s largest export destination, continued its positive growth trend, increasing by 6.31 percent to reach USD 729.03 million in the first month of the fiscal year 2023-2024, compared to USD 685.77 million in the same period of the previous year.
The European Union (EU) market has shown a strong appetite for Bangladeshi apparel, with exports growing by a noteworthy 17.40 percent. This growth is particularly notable in some major EU markets, including Spain, France, Italy, Netherlands, and Poland, which have witnessed substantial increases ranging from 18.07 percent to an impressive 36.75 percent.
While Germany, the country’s second-largest export destination, experienced a slight dip with a negative growth of 0.70 percent, the overall picture remains positive for other markets. The United Kingdom and Canada, for instance, posted substantial growth rates of 29.78 percent and 14.78 percent, respectively, in the July 2023-2024 financial year.
Notably, the exports to non-traditional markets have played a crucial role in driving the overall growth of the RMG sector, reaching a total of USD 674.82 million, with a notable increase of 23.75 percent.
Among these non-traditional markets, Japan and Australia have demonstrated remarkable growth rates of 49.99 percent and 55.73 percent, respectively. India and South Korea also contributed positively, with growth rates of 2.60 percent and 19.59 percent, respectively.
The results in this report highlight the dynamism and adaptability of the country’s RMG sector, as it continues to expand its global presence and establish strong trade relationships with both traditional and non-traditional markets. These developments bode well for the country’s economic growth and further reinforce its position as a key player in the global garment industry.
