RMG export to USA grew by 51.57% to $9.01bn in FY22

Desk Report: According to country-wise export statistics released by Export Promotion Bureau (EPB, United States remained the top apparel export destination for Bangladesh, gaining $9.01 billion in the fiscal year 2021-22 with 51.57% growth compared to the last fiscal year.

Photo: Value in %

EPB data also showed, Apparel export to the European Union, the largest apparel importer in the world increased by 33.87% to 21.04 billion dollars in FY 2021-22 from 15.99 billion dollars in FY 2020-21.

Germany, the largest apparel export market for Bangladesh in EU region showed 27.74% Y-O-Y growth. Bangladesh exported 7.16 billion dollars’ worth of apparel to Germany. The exports to other major EU markets Spain, France, Italy, Poland, and Netherland have shown strong positive growth.

On the Other hand, Apparel export to U.K. and Canada also grew by 30.56% and 33.22% respectively. At the same time, the Y-o-Y comparison shows that the export to the non-traditional market increased by 25.40% in FY 2021-22. Among the major non-traditional markets, China and Russia have shown negative growth 18.04% and 1.67% respectively.

Mohiuddin Rubel ,Director, BGMEA said, “Even though the overall export in our major markets has shown a positive growth trend yet, in the post-Covid world and geo-political tension created by the Ukraine conflict, trade dynamics will see a sharp shift in coming days.

He also said, The global economy and trade also show a depressing outlook ahead which is a concern for us. So we should not be overwhelmed, rather need to be cautiously optimistic, Mohiuddin added.