Apparel export to nontraditional market increases by 34.74% in Q3

Bangladesh's apparel export to the nontraditional market increased by 34.74% year-on-year to $6.44 billion in the first three quarters of (July-March) of FY2022-23, according to the EPB data.

The apparel export earnings were $4.78 billion in the same period of FY2021-22.

Among the major non-traditional markets, RMG exports to Japan, India, and Australian markets have grown 43.79% to $1.22 billion, 58.38% to $830.51 million, 42.22% to $889.88 million year-on-year respectively.

RMG export to the nontraditional markets of Brazil, South Korea and the United Arab Emirates markets also increased 73.15% to $127.88 million, 34.69% to $449.55 million and 15.77% to $230.43 million year-on-year growth respectively.

Traditional market

Meanwhile, total apparel shipment export reached $35.25 billion with 12.17% growth in the period of July-March in 2022-23 fiscal year from $31.43 billion in the same July-March period of FY2021-22. 

Of these exports export earnings from the European Union markets contributed 49.96%, while 17.76% comes from the USA, 10.91% from the UK, 3.09% is from Canada and the non-traditional market contributed 18.28%.

During July-March of the fiscal year 2022-23, Bangladesh apparel export to the EU increased by 11.78%, to $17.61 billion from $15.75 billion in July-March FY 2021-22.

Among the major markets in the EU, apparel export to Germany declined by 4.16% to $5.14 billion year-over-year.

While RMG exports to France and Spain grew by 25.23% and 18.82% year-over-year respectively, export to Poland declined by 14.86%.

During the mentioned period, apparel export to the USA was $6.25 billion, registering 5.01% year-over-year negative growth. Besides, our exports to UK and Canada reached $3.84 billion and $1.08 billion dollars with 14.04% and 17.68% respectively.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Mohiuddin Rubel said, "BGMEA is working to facilitate the exploration of new markets, as well as working on policy reforms to facilitate and simplify business."

"Our efforts will continue, and it's time for all of us in the industry to promote and highlight our strengths in new products and new markets before the global customers [existing and new ones] to explore new opportunities. That will help sustain our growth in the longer term" he added.