Finance
Garment Exports Garment exports to EU and new markets increase
Dhaka, March 22: In the eight months (July-February) of the current financial year 2023-24, exports of ready-made garments to the European Union (EU), United Kingdom, Canada and new markets have increased.
After analyzing the data of Export Promotion Bureau (EPB), BGMEA, an association of garment industry owners, said that in the first eight months of the current financial year, the export of ready-made garments was worth 3,286 crore dollars. This export is 4.77 percent more than the same period of last financial year.
In the first eight months of the current financial year, the EU market has exported ready-made garments worth $1,624 crore. This export is 3.27 percent higher than the same period of the previous financial year. Although at the end of the last financial year 2022-23, the growth in this market was 9.93 percent. That means export growth in the EU has slowed slightly this fiscal year. Germany is a major market for Bangladeshi-made garments within the EU. In the eight months from July to February of the current financial year, readymade garments worth USD 409 crore were exported to this market. This export is 11.63 percent less than the same period of last financial year.
In addition, from July to February of the current financial year, ready-made garments worth 385 million dollars were exported to the UK market. In this case, the growth is 14.64 percent. Apart from this, ready-made garments worth 100 million dollars have been exported to Canada. Exports in this market increased by 1.81 percent.
According to BGMEA, in the first eight months of the current financial year, readymade garments worth USD 630 crore were exported to the new market. In this case, the export increased by 10.83 percent. Among the new markets, exports of manufactured garments to Japan, Australia, Russia, and South Korea have increased. Decreased in India. In the first eight months of the current financial year, India exported readymade garments worth USD 58 crore.
Meanwhile, garment exports to the US market have decreased compared to the same period last fiscal year. From July-February of the current financial year, ready-made garments worth 546 crore dollars have been exported to this market. This export is 2.58 percent less than the same period of last financial year. In the last financial year 2022-23, readymade garments were exported to the United States worth 8.52 billion dollars.
