Staff reporter :
Garment exports to non-traditional markets grew 11.69 percent year-on-year to $5.46 billion in July-January of the current fiscal year of 2023-24 which was $4.89 billion in the identical period a year earlier, according to the Export Promotion Bureau (EPB) data.
Among the major non-traditional markets, the export to Japan, Australia and South Korea increased 8.74 percent, 23 percent, and 17.57 percent, respectively, according to Export Promotion Bureau (EPB) data compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) showed.
Apparel exports to India, however, declined 21.86 percent.
In July-January of 2023-24, the export to the European Union, a traditional market, reached $13.92 billion, an increase of 1.32 percent compared to the same period of 2022-23.
The export to Spain, France, the Netherlands and Poland showed a 6.05 percent, 4.25 percent, 11.77 percent, and 20.30 percent year-on-year growth, respectively. The shipment to Italy declined 1.81 percent.
Germany, the largest export destination for Bangladesh in the EU, declined 13.46 percent to $3.51 billion.
RMG export to the US, the largest market for Bangladesh, stood at $4.79 billion in the first seven months of FY24, a fall of 3.90 percent.
Suppliers shipped products worth $3.31 billion and $871.27 million to the UK and Canada, respectively, which were up 12.98 percent and 0.68 percent year-on-year. The latest statistics of EPB showed, overall readymade garment exports reached US$ 28.36 billion during July-January of FY 2023-24, 3.45 per cent up compared to the same period of the previous fiscal year.
Meanwhile, the country’s overall export during the first seven months of the current fiscal year FY24 also marked a growth by 2.52 per cent to US$33.26 billion.
During the July-January period of fiscal 2022-23, Bangladesh earned US$32.44 billion. The overall export earnings, however, fell short of the target 7.28 per cent set for the period.
