RMG exports reach $38.57b in July-April

FIle photo

Bangladesh’s total RMG exports has recorded a year-over-year (YoY) growth of 9.09 per cent for the July-April period of the current fiscal year (2022-23), according to the latest data released by the Export Promotion Bureau (EPB), reports BSS.

The country’s total RMG export during this period reached US$38.57 billion, out of which the EU market accounted for US$19.20 billion, accounting for 49.78 per cent of the total exports.

Besides, RMG items worth US$6.9 billion were exported to the USA market having a share of 18.01 per cent of the total exports, RMG products worth US$1.2 billion were exported to Canada with a share of 3.19 per cent while US$7.00 billion went to the non-traditional market which had a share of 18.16 per cent.

The EPB data showed that the country’s export to EU countries grew by 8.58 per cent compared to the same period of the previous fiscal year.

However, exports to Germany, Bulgaria, and Poland have declined. In contrast, Bangladesh’s RMG export to France and Spain showed positive growth of 22.21 per cent and 16.69 per cent year-over-year, respectively.

Italy also displayed a positive trend, recording a growth of 42.40 per cent fetching US$1.85 billion.

On the other hand, Bangladesh’s export to the USA market faced a negative growth of 7.13 per cent for the same period and reached US$6.94 billion.

The country’s apparel export to Canada and the UK markets, however, experienced positive growth rates of 16.09 per cent and 10.88 per cent respectively.

Exports to non-traditional markets have also shown a positive trend with a growth rate of 30.80 per cent bagging US$7 billion for the same period.

Among the non-traditional markets, Japan, Australia, India, and South Korea were the major markets with US$1.32 billion, US$961.30 million, US$889.06 million, and US$477.81 million worth of RMG exports respectively.