RMG export to the EU reached US$ 4.94 billion, with 12.43% growth During (July-Sept)

As per the latest statistics of the Export Promotion Bureau (EPB), during July-September, of FY 2022-23 our RMG export to the European Union reached US$ 4.94 billion, with 12.43% growth compared to the same period of the previous fiscal year. Our export to Germany, the largest export market in the EU, grew by only 1.34% with an amount of US$ 1.52 billion during the mentioned time. Export to Spain and France showed 21.35% and 36.72% growth respectively. On the other hand, export to Poland, one of the most promising markets in the EU, declined by 24.49% compared to the July-September 2021-22.

Our RMG export to the U.S.A. stood US$ 2.01 billion in the first three months of FY2022-23 with 5.13 % Y-O-Y growth, indicating a clear deceleration in growth. At the same time, export to U.K. and Canada reached US$ 1.19 billion and US$ 334.65 million, with 15.11 % and 17.40% growth respectively.

During July-September, of FY 2022-23, our apparel export to non-traditional markets grew by 25.47% to US$ 1.76 billion from US$ 1.43 billion in the corresponding period of the previous year. Among the non-traditional markets, export to Japan reached US$ 320.40 million dollars with 16.60% growth while our export to India also increased significantly by 66.20%, which is US$ 306.39 million. On the other hand, export to China, UAE, South Africa, and Russia declined by 3.69%, 0.13%, 8.71%, and 47.30% respectively during the mentioned period.

Mohiuddin Rubel, Director, BGMEA said It’s clear from the data that growth is decelerating in major markets including USA and Germany caused by global economic turmoil and its impact on retail markets.