As per the latest statistics of the Export Promotion Bureau (EPB), during July-April, of FY 2023-24 our RMG export to the European Union reached US$ 19.90 billion, with increased by 3.66% compared to the same period of the previous fiscal year. Our export to Spain, France, Netherlands, Poland and Denmark showed 6.07%, 3.42%, 17.51%, 20.65% and 32% growth respectively. However, our apparel export to Italy declined by 2.45%.
On the contrary, Germany the largest export market in the EU declined by 9.40% with an amount of US$ 5.01 billion compared to the July-April 2022-23.
Our RMG export to the U.S.A. reached US$ 6.81 billion in the first ten months of FY2023-24 with declined by 1.90%.
At the same time, our exports to the U.K. and Canada reached US$ 4.8 billion and US$1.26 million of FY2023-24 with increases of 14.55 % and 2.95% Y-O-Y growth respectively.
During July-April, of FY 2023-24, our apparel export to non-traditional markets grew by 10% to US$ 7.70 billion from US$ 7 billion in the corresponding period of the previous year. Among the major non-traditional markets, exports to Japan, Australia and South Korea increased by 6.14%, 17.18% and 14.73% respectively. However, our apparel exports to India declined by 22.44%. It is noticeable that this decline has been happening gradually since August 2023.
Author: Mohiuddin Rubel, Director, BGMEA & AMD, Denim Expert Ltd.
