As the Export Promotion Bureau (EPB) recently published the country-wise export data for the July-February period of the fiscal year 2024-25, it is evident that Bangladesh’s Ready-Made Garment (RMG) exports have experienced moderate growth of 10.64% to the world and have shipped US$26.79 billion worth of goods for the same period of time. The European Union continues to be a pivotal market which represents 50.10% of Bangladesh’s total RMG exports, with a total value of US$13.42 billion. Exports to the United States reached US$5.06 billion, representing 18.91% of the total share, while Canada totalled US$845 million with a 3.16% market share, and the UK market was also important, with exports worth US$2.93 billion, which is 10.94% of Bangladesh’s total RMG exports during the specified period.
Regarding growth, our RMG exports to the EU grew by 11.53% year-over-year, with the USA demonstrating a strong increase of 16.38% and Canada registering an increase of 14.12%. However, RMG exports to the UK exhibited a more modest growth rate of 3.74%.
Within the EU, Germany stood out as a significant market, with Bangladesh’s exports valued at US$3.38 billion, followed by Spain at US$2.35 billion, France at US$1.43 billion, Italy at US$1.05 billion, Poland at US$1.13 billion, and the Netherlands at US$1.43 billion. Growth rates were especially notable in Germany (11.03%), the Netherlands (25.06%), Poland (12.06%), Denmark (14.58%), and Sweden (21.12%).
Bangladesh’s RMG sector also showcased growth in non-traditional markets, with an overall rise of 6.23% where total exports reached US$4.52 billion, capturing 16.90% of Bangladesh’s total exports, indicating the potential for further expansion. Among these markets, Japan led with imports totalling US$839 million, followed by Australia at US$582 million and India at US$478 million. Exports to countries such as Turkey and Mexico are significant as well, amounting to US$305 million and US$229 million, respectively, with a commendable growth rate of 18.58% by India, 25.14% by Mexico, and 32.20% by Turkey. While growth in Japan, Australia, India, Turkey, and Mexico is positive during this timeframe, exports to Russia, Korea, the UAE, and Malaysia have diminished.
BGMEA former director, Mohiuddin Rubel Said,
The ongoing growth in exports significantly depends on the EU and USA, which continue to be the main markets for Bangladesh, indicating further potential within these areas. The moderate growth in the non-traditional market underscores the importance of further research and focus in this category, as it possesses substantial growth potential, which will also help to balance reliance on traditional markets. The persistent global trade tensions are constantly reshaping the global environment, creating opportunities that Bangladesh could take advantage of, assuming we have the required productive capacity. Simultaneously, there should be a dedicated emphasis on investing in backward linkages to bolster and enhance our RMG sector’s competitiveness and growth potential, as remaining competitive throughout is always essential.
