Non-Traditional Markets Rise: Bangladesh RMG Blazes a New Trail
28 January 2024, Mumbai
Diversification pays off! While the US and EU remain key players, Bangladesh's RMG exports to non-traditional markets have surged over the past 15 years, exceeding our single largest market, the US, for the first time in 2023.
From 7.55% in 2009 to 18.72% in 2023, the share of non-traditional markets has steadily climbed. Visionary entrepreneurs, proactive policy support, and strategic initiatives like Apparel Diplomacy have fueled this impressive growth.
Japan leads the charge: exports soared from $111 million in 2009 to a staggering $1.67 billion in 2023, thanks to relaxed GSP rules. Other stars include Australia (up 38.15%), New Zealand (up 22.78%), and Brazil (up 48%).
The future beckons: China's shift towards higher-end production creates exciting opportunities for Bangladesh. ASEAN, Latin America, Russia, and East Europe hold immense potential.
Challenges remain: high tariffs, non-tariff barriers, and varying quality requirements exist in different markets. But BGMEA is working with the government to tackle these issues, and your input is valued!
Diversification is our priority as we graduate from LDC status. The success of non-traditional markets shows the resilience and adaptability of our RMG industry.
Let's build on this momentum and create a sustainable future for Bangladeshi apparel on the global stage!
CREDITS: BGMEA press release
