According to the Export Promotion Bureau of Bangladesh (EPB), the country-wise analysis for the RMG sector of Bangladesh in the calendar years 2023 & 2024 reveals interesting insights:
- Growth rates for key markets for 2024:
- EU: 8.93%
- USA: 7.18%
- UK: 6.33%
- Canada: 5.83%
- Nontraditional markets: 3.24%
- Specific market highlights in the EU for the year 2024:
- Denmark: 23.40% growth, reaching US$ 1.09 billion in exports
- Germany: 5.97% growth with exports valued at US$ 4.83 billion
- Italy: 0.69% growth, achieving US$ 1.52 billion in exports
- The Netherlands: 25.30% growth, totaling US$ 1.96 billion in exports
- Spain: 2.51% growth, amounting to US$ 3.42 billion in exports
- Poland: 12.43% growth, with exports worth US$ 1.65 billion
- Overall export values for Bangladesh:
- 2023: US$ 35.89 billion
- 2024: US$ 38.48 billion
- Country’s growth in 2024: 7.23%
- Growth in the woven sector: 7.04%
- Growth in the knit sector: 7.40%
Just an idea—we can focus more on those countries and regions where our exports are less or have more room to grow, for example, in the EU, the big countries are France, Italy, and Spain, where our exports grew less and they have more capacity to consume; Australia; in Asia – India, Korea, China, and Malaysia; in the Middle East, Saudi Arabia and the UAE; and South American countries like Brazil, etc.
You can say we can focus more on American countries, the Middle East, and Asia to reduce over-dependency on traditional ones such as the EU, the UK, Canada, and the USA.
By –
Mohiuddin Rubel
Former Director, BGMEA
Managing Director, Bangladesh Apparel Exchange
Additional Managing Director, Denim Expert Ltd
