Garment exports to non-traditional markets increase by 31 percent
Dhaka, May 13: In the first 10 months (July-April) of the current fiscal year 2022-23, Bangladesh's garment exports to non-traditional markets have increased. About 30.80 percent of exports to these markets have increased to 7 billion US dollars. Non-traditional markets include Japan, Australia, India and South Korea. This information is known from the sources of Readymade Garment Industry Owners and Exporters Association BGMEA.
According to the Export Promotion Bureau (EPB), Bangladesh's export of apparel products to the main markets of Japan during the reporting period was 1.32 billion dollars. In addition, 961.30 million in the Australian market, 889.06 million in the Indian market and 477.81 million US dollars in the South Korean market.
Total apparel exports during the review period increased by 9.09 percent compared to the corresponding period of the previous year. During this period, the total garment export from Bangladesh was 38.57 billion US dollars.
Out of this, clothes worth 19.20 billion US dollars went to the European market (49.78 percent of total exports). In addition, the United States exported 6.9 billion dollars worth of clothing, which is 18.01 percent of total exports. During this period, Canada exported clothing worth 1.2 billion US dollars, which is 3.19 percent of total exports.
During the period under discussion, garment exports to non-traditional markets were worth US$ 7 billion. This is 18.16 percent of the total garment exports during this period.
Mohiuddin Rubel, director of BGMEA, said that the export of garments in the European Union (EU) market has increased by 8.58 percent this year compared to the same period of the fiscal year 2021-22. Our exports to Germany, one of the main markets in the EU region, have declined. During this period, exports to Germany decreased by 5.53 billion US dollars. Exports to Germany fell by 7.33 percent compared to the same period of the previous fiscal year.