During the July-January period of the fiscal year 2023-24, Bangladesh’s ready-made garment exports to the European Union (EU) reached $13.92 billion, marking a 1.32% growth compared to the same period in FY 2022-23. According to the latest statistics from the Export Promotion Bureau (EPB), exports to Spain, France, the Netherlands, and Poland exhibited growth rates of 6.05%, 4.25%, 11.77%, and 20.30%, respectively, during this period. However, exports to Italy saw a decline of 1.81%.
In contrast, exports to Germany, the largest market for Bangladesh in the EU, decreased by 13.46%, totaling $3.51 billion in the July-January period compared to FY 2022-23.
EPB data also revealed that Bangladesh’s RMG exports to the United States amounted to $4.79 billion during the first seven months of FY 2023-24, experiencing a decrease of 3.90%. Meanwhile, exports to the UK and Canada reached $3.31 billion and $871.27 million, respectively, during the same period, with growth rates of 12.98% and 0.68%, respectively.
Additionally, during this seven-month period, apparel exports to non-traditional markets grew by 11.69% to $5.46 billion, up from $4.89 billion in the corresponding period of the previous year. Notably, exports to Japan, Australia, and South Korea increased by 8.74%, 23%, and 17.57%, respectively. However, exports to India witnessed a decline of 21.86%, as per EPB data.