According to the latest figures from the Export Promotion Bureau (EPB), ready-made garment (RMG) exports to the European Union (EU) have surged, reaching $5.51 billion in the first quarter of fiscal year 2023-24, representing an impressive 11.47% increase compared to the same period in the previous fiscal year.
The data reveals significant growth in RMG exports to key EU nations, with Spain, France, the Netherlands, and Italy witnessing substantial increases of 23.26%, 8.67%, 18.97%, and 23.22%, respectively. However, it’s worth noting that the largest EU export market, Germany, experienced a slight dip of 4.41%, amounting to $1.45 billion, in the July-September period compared to the previous fiscal year.
In addition to EU exports, RMG shipments to the United States stood at $2.07 billion during the initial three months of fiscal year 2023-24, reflecting a 2.77% growth. Meanwhile, exports to the UK and Canada reached $1.45 billion and $352.86 million, with notable increases of 21.35% and 5.44%, respectively.
A noteworthy aspect of these statistics is the remarkable expansion of apparel exports to non-traditional markets, which saw a substantial 24.93% growth, surging from $1.80 billion to $2.24 billion in the corresponding period of the previous year, as reported by Mohiuddin Rubel, director at the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Among the notable non-traditional markets, exports to Japan, Australia, and South Korea surged by 39.44%, 54.11%, and 37.01%, respectively. However, there was a decline in exports to India, which contracted by 7.69%.
