Bangladesh's Garment Export Performance in FY2022-23 & FY2023-24

30 September 2023, Mumbai

FY2022-23

• Readymade garment export contributed 84.5 per cent of Bangladesh's total exports valued at nearly $47 billion.
• The US is its largest market where unfortunately, growth was negative at -5.5 per cent.
• Garment exports to the UK and the EU fared much better, registering a positive growth of 11.8 and 9.9 per cent respectively.
• Non-conventional markets like Brazil, Turkey, and Japan fared exceptionally well with over 71 per cent, nearly 50 per cent, and nearly 46 per cent growth respectively.

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FY2023-24 (First two months)

• Bangladesh sees moderate demand growth in both traditional and non-traditional markets.
• Apparel export worth $7.99 billion, a growth of 12.46 per cent from $7.11 billion in July-August of this fiscal.
• The US is the largest single export destination with exports worth $1.46 billion, a year-on-year growth of 2.95 per cent.
• The UK is the third highest destination with exports worth $976.8 million, a growth of 19.1 per cent year-on-year.
• Apparel export to other major destinations such as Spain, France, Netherlands, Italy, and Poland also registered positive growth.
• The US's Generalized System of Preference program has included Bangladeshi apparel, making it duty free as opposed to the 11 per cent it is being taxed as customs.

Conclusion

BGMEA is satisfied with Bangladesh's export performance in FY2022-23 and FY2023-24. 

Bangladesh has fared well as per course, especially in non-traditional markets despite depressed orders from traditional markets. 

The US's decision to make Bangladeshi apparel duty free is a positive development for the garment sector.

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