Bangladesh's ready-made garments (RMG) exports increased in July-August of the current fiscal year in Europe and the United States compared to that in the same period of the previous fiscal year.
The RMG exports to the US rose by 2.95 percent to stand at $1.46 billion in July-August of the current fiscal year from $1.42 billion in the same period of the previous fiscal year, it increased by 11.81 percent to $3.85 billion compared to the same period last fiscal amounting to $3.44 billion, according to the Export Promotion Bureau (EPB) data. Exports to some major EU markets including Spain, France, Italy, Netherlands and Poland also went up by 26.94 percent, 8.45 percent, 28.73 percent, 18.95 percent and 26.37 percent respectively.
However, export earnings from Germany, the country's second-largest export destination, fell by 6.29 percent to stand at $994 million during the time from the corresponding period of previous fiscal.
Meanwhile, these earnings to the UK and Canada rose by 19.14 percent and 7.22 percent to reach $976.75 million and $243.44 million respectively during the July-August period of FY 2023-24.
On the other hand, during the time the country's garment exports to non-traditional markets went up by 21.94 percent to $1.47 billion.
Among major non-traditional markets, exports to Japan, Australia and South Korea rose by 33.97 percent, 49.52 percent and 19.51 percent respectively.
However, RMG exports to India declined by 3.14 percent in July-August period this fiscal against the same period of previous fiscal.
Mohiuddin Rubel, Director of Bangladesh Garment Manufacturers and Exporters Association, said, "About 19 percent of the RMG products now export to the US market. Besides, 12 percent of products export in the UK market and 18 percent in Canada. However, 48 percent of clothing products are going to the European market."
"Now the country is doing quite well in non-traditional or new markets. Big markets in Europe have always been good for us, still are," he mentioned.
However, exports to the US market are sometimes less, sometimes more, he added.