Bangladesh Apparel exports: Jan-Feb 2023 Country-wise
13 March 2023, Mumbai
According to the data published by The published data of Bangladesh RMG exports by the Export Promotion Bureau, showed a growth of 10.12% in the first two months of 2023 Vs the corresponding period in 2022.
Not surprisingly many of the European Union accounted for the largest export destination for Bangladesh. The export to the EU was US$ 4.22 billion, showing a year-on-year growth of 8.42%.
Albeit, in the EU region few nations, such as Germany, Austria, Bulgaria, Denmark, Finland, Latvia, Malta, Poland, and Slovenia, showed negative growth traction.
Export to the U.S.A. and Canada downtrend by 13.79% and 3.49%, respectively, during the aforementioned period. Although, the export to the UK showed 21.63% year-on-year (Y-o-Y) growth traction, reaching US$ 964 million.
The country's export to non-traditional markets rose by 42.51% to US$ 1.64 billion, and Japan was the top-notch export destination with US$ 321.12 million. Other non-traditional markets, like Australia, India, South Korea, Turkey, and UAE, also showed an impressive upward trend, while exports to these countries were soft to Russia, China, South Africa, and Chile as exports shrank here.
Considering the global macro economy is unstable amid global turmoil, deeply impacting retail sales and resulting in downward/negative growth in some key consumption markets. This trend is likely to sustain for some time, making the coming months challenging.
Today it is business imperative for Bangladesh to explore new opportunities/non-traditional markets and concentrate on resource/cost optimization building efficiencies to tide over unprecedented times.
It's worth noting that despite the global geopolitical tensions and predicted economic slowdown, the RMG industry in Bangladesh is showing some promising signs of growth.
