RMG exports to non-traditional markets rises 23.75pc in July

RMG exports to the United States, the largest export destination for Bangladesh, has increased by 6.31 per cent in July of fiscal 2023-24 to USD 729.03 million, from USD 685.77 million in July of the 2022-23 fiscal, according to recent statistics of the Export Promotion Bureau (EPB), reports UNB.

“During the first month of the 2023-24 fiscal, our clothing export to the EU market grew by 17.40 per cent to USD 1.95 billion from USD 1.66 billion in the same period of last fiscal year. During the mentioned period, our exports to some major markets in the EU region such as Spain, France, Italy, Netherlands and Poland grew by 36.35 per cent, 22.71 per cent, 36.75 per cent, 23.03 per cent and 18.07 per cent respectively,” BGMEA director Mohiuddin Rubel said.

In a letter, Mohiuddin Rubel also said, “However, our export to Germany, the second largest export destination for Bangladesh, saw 0.70 per cent year-over-year negative growth and reached USD 514 million. At the same time, exports to Finland, Cyprus, Czech Republic, Estonia, Lithuania, Malta, and Slovakia have declined significantly.”

During July, FY 2023, exports to the UK and Canada reached USD 475.54 million and USD 128.89 million, with 29.78 per cent and 14.78 per cent year-on-year growth respectively.

At the same time, apparel exports to the non-traditional markets also increased by 23.75 per cent and reached USD 674.82 million. Among the major non-traditional markets, exports to Japan, Australia, India and South Korea increased by 49.99 per cent, 55.73 per cent, 2.60 per cent and 19.59 per cent respectively, the letter reads.