Bangladesh's Apparel Exports Surge 20.54% to Non-Traditional Markets in 2023
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- Published: Wednesday, 24 January 2024 21:32
In a significant boost to Bangladesh's export diversification efforts, the country's apparel exports to non-traditional markets saw a remarkable 20.54% year-on-year growth in 2023. According to data from the Export Promotion Bureau (EPB), exports to these destinations surged to $8.87 billion from $7.36 billion in the previous year.
Japan emerged as the top destination among major non-traditional markets, with apparel exports fetching $1.68 billion, marking a substantial growth of 26.53% compared to 2022. Other non-traditional markets such as Australia, Russia, New Zealand, Saudi Arabia, South Korea, and China also witnessed positive growth in apparel exports from Bangladesh.
Despite ongoing global challenges, including conflicts such as the war in Russia, Bangladesh managed to export $479 million worth of apparel to Russia in 2023, reflecting a growth of 13.13% compared to the previous year.
Japan and Australia stood out as the only two non-traditional markets receiving over $1 billion worth of apparel from Bangladesh. However, apparel shipments to two major markets, the US and Germany, experienced a decline of 8.68% and 16.40%, respectively.
The share of apparel exports to non-traditional markets increased to 18.72% in 2023, up from 16.10% in 2022, according to EPB data. This growth underscores the resilience of Bangladesh's apparel sector in exploring new markets amid a slowdown in global apparel demand.
Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), lauded exporters for their commitment to diversifying the export portfolio. He attributed the positive growth to the visionary steps taken by entrepreneurs and emphasized the collective achievements of individual exporters within the industry.
Hassan highlighted BGMEA's efforts in apparel diplomacy initiatives aimed at showcasing Bangladesh's transformation and commitment to sustainability on the global stage. He stressed the need for continued efforts, branding, and promotion to unlock further growth opportunities in new markets.
Meanwhile, Bangladesh's apparel exports to traditional markets like the EU saw modest growth, with exports to the UK reaching $5.34 billion in 2023 from $4.75 billion in 2022. The overall apparel exports from Bangladesh amounted to $47.39 billion in 2023, reflecting the industry's resilience and potential for further expansion.