Decline in RMG exports to US, top EU destinations

Business Desk :

Export of readymade garment (RMG) from Bangladesh witnessed negative growth to its single largest (US), second single largest (Germany), and overall largest (EU) destinations in the first five months of the current FY24.
Exports to other major destinations also saw either narrow or negative growths in the same period.
According to the Export Promotion Bureau’s (EPB) country-wise detailed apparel export data compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh exported apparel items worth $18.83 billion in July-November of FY24, a very narrow 2.75% increase from $18.33 billion in the same period of FY23.
During this period, Bangladesh exported RMG items worth $3.27 billion to the United States, the largest single export destination for Bangladesh, fetching a negative Y-o-Y growth of 5.76%, compared to $3.47 billion of the same period in FY23.