Bangladesh’s Apparel Exports To EU Rise 2%, US And Germany See Declines
Bangladesh’s apparel exports to the European Union (EU) saw a modest increase of 2% year-on-year, reaching $21.64 billion in the July-May period of the fiscal year 2023-24, according to data from the Export Promotion Bureau (EPB) compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Despite this overall growth, the country’s readymade garment (RMG) exports to the EU from January to April 2024 decreased by 9.85%, totaling 6.01 billion euros compared to 6.67 billion euros in the same period of 2023, according to Eurostat, the statistical office of the EU.
The BGMEA compiled EPB data shows that apparel shipments to Spain, France, the Netherlands, Poland, and Denmark grew by 6.23%, 1.02%, 16.27%, 17.28%, and 26.96% respectively. Conversely, exports to Germany, the largest EU market for Bangladesh, declined by 10.12% year-on-year. Exports to Italy also saw a 6.1% decline in the first 11 months of this fiscal year.
In the United States, apparel exports hit $7.46 billion, a 3.43% decrease from the same period last fiscal year. However, exports to the UK grew by 12.34% year-on-year to $5.15 billion, while exports to Canada declined by 0.31% to $1.3 billion.
Garment exports to non-traditional markets experienced a 6.47% year-on-year growth, reaching $8.18 billion. Among these markets, shipments to Japan, Australia, and South Korea increased by 1.83%, 11.76%, and 14.34% respectively. In contrast, exports to India dropped by 23.11%.
Eurostat data highlighted a significant decline in Bangladesh’s knitwear exports to the EU, falling from 3.88 billion euros in January-April 2023 to 3.38 billion euros in the same period of 2024. Woven garment exports also decreased from 2.79 billion euros to 2.64 billion euros during the respective periods.
Overall, the EU’s total clothing imports from various countries decreased by 6.28%, amounting to 26.41 billion euros in January-April 2024, compared to 28.19 billion euros in January-April 2023.
