Bangladesh readymade garments (RMG) export has hit a record growth in the European market recently.
According to the latest data published by the European statistics organization EUROSTAT, between January and November 2022, the European Union bought 38.39 percent more garments from Bangladesh than that in 2021.
EUROSTAT data show that cumulatively in January to November 2022 period, EU imported USD 95.17 billion worth of apparel from the world, noting 22.39 percent year-on-year growth.
In Jan-Nov 2022, EU imported USD 21.18 billion worth of apparel from Bangladesh, as it holds the position of the second largest apparel import source for the EU. EU’s apparel import from Bangladesh increased by 38.39 percent compared to the corresponding period of 2021.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Md. Mohiuddin Rubel told Bangladesh Post, “China continues to hold the title of the largest apparel supplier to the EU with a 29.40 percent share. But Bangladesh is the first in the world in terms of growth. In other words, there has been a record growth in Bangladesh’s garment exports in the European market.”
“According to Eurostat data, buyers from Europe are still leaning towards Bangladesh. And this has been possible due to increase in green factories in Bangladesh. Besides, the increase in demand for our clothes among European buyers is attributed to the quality of Bangladeshi clothes,” he added.
The data further showed that during the first 11 months of 2022, EU’s imports from China reached USD 27.98 billion with 19.29 percent year-on-year growth. At the same time, imports from Turkey also grew by 11.56 percent year-on-year. EU’s imports from Turkey also stood at USD 11.09 billion. Import from India reached USD 4.53 billion registering 21.52 percent growth year-on-year.
EU’s imports from other top suppliers like Cambodia, Vietnam, Pakistan, Morocco, Sri Lanka and Indonesia increased by 35.89 percent, 34.16 percent, 27.99 percent, 8.13 percent, 17.32 percent and 27.80 percent respectively.
According to the updated report of the Export Development Bureau (EPB), Bangladesh’s exports of manufactured goods in the world market in January this year amounted USD 513 crore 62 lakh 40 thousand. In terms of percentage, the export earnings in January 2023 increased by 5.89 percent compared to January 2022.
