07 September 2022, Mumbai:
As per official BGMEA report," During July-May, 2021-22 our RMG export to the European Union reached US$ 19.30 billion, with 33.06% growth compared to the same period of previous fiscal year. Export to almost all the EU markets including Germany, Spain, France, Poland, and Italy showed positive growth during this period.
Particularly, as per BGMEA, our export to Germany grew by about 27% with an amount of US$ 6.51 billion during the mentioned time. Export to Spain and France showed 37.83% and 34.93% growth respectively. Other countries in EU region having high growth were Slovenia 66%, Greece 62 %, Hungary 61.26%, Poland 46.78% and Romania 46.39%.
Our apparel/RMG export to U.S.A. stood US$ 8.14 billion in July-May, 2021-22 with 52.54 % Y-O-Y growth. At the same time, export to U.K. and Canada reached US$ 4.09 billion and US$ 1.18 billion, with 29.16 % and 32.72% growth respectively.
During the first eleven months of FY 2021-22, our apparel export to non-traditional markets grew by 24.54% to US$ 5.79 billion from US$ 4.65billion in the corresponding period of previous year. Among the non-traditional markets, export to Japan reached US$ 999.97 million dollars with 15.27% growth.
Our export to India also increased significantly by 66.36%, which is US$ 647.27 million. On the other hand, export to China has declined by 18.64%, and reached US$ 199.60 million. Other countries with significant growth were Chile 124.33%, Mexico 77.29%, Turkey 57%, South Korea 31.16%, and UAE 25.05%.
However, the growth figures in recent months cannot be misjudged and over generalized as the advanced economies are clearly heading toward economic recession. Inflation in EU and USA has crossed records. Euro is losing value against US dollars. Both global trade and economic growth forecasts by a recent report by the World Bank depicts depressive picture. So while we need to be optimistic about our trade and industry, we need to make cautious steps".
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