Bangladesh's Garment Exports to EU Show Modest Growth in July-April Period
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- Published: Monday, 27 May 2024 12:17
Bangladesh's garment exports to the European Union (EU) have seen a slight uptick during the July-April period of the current fiscal year, signaling resilience in the country's apparel industry despite ongoing challenges. According to data compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) from the Export Promotion Bureau, garment exports to the EU reached $19.90 billion, reflecting a 3.66 percent increase compared to the same period in the previous fiscal year.
Among EU member countries, Denmark emerged as the top destination for Bangladesh's garment exports, with a remarkable growth rate of 32 percent. Additionally, Poland experienced a notable increase of 20.65 percent, followed by the Netherlands at 17.51 percent, Spain at 6.07 percent, and France at 3.42 percent. However, garment exports to Italy recorded a slight decline of 2.45 percent.
Despite the overall growth in exports to the EU, Bangladesh witnessed a decline in garment exports to its largest market within the EU, Germany, amounting to $5.01 billion, down by 9.40 percent compared to the same period in the previous fiscal year.
Meanwhile, garment exports to the United States, another key market for Bangladesh, reached $6.81 billion in the first 10 months of the fiscal year 2023-24, marking a decrease of 1.90 percent year-on-year.
On a positive note, garment exports to the United Kingdom and Canada exhibited growth, reaching $4.8 billion and $1.26 million, respectively, in the fiscal year 2023-24. This represented year-on-year growth rates of 14.55 percent and 2.95 percent, respectively.
In addition to traditional markets, Bangladesh has been diversifying its export destinations, with non-traditional markets showing promising growth. During the July-April period of fiscal year 2023-24, apparel exports to non-traditional markets surged by 10 percent to $7.70 billion, compared to $7 billion in the corresponding period of the previous fiscal year.
Among the major non-traditional markets, garment exports to Japan, Australia, and South Korea saw increases of 6.14 percent, 17.18 percent, and 14.73 percent, respectively. However, apparel exports to India experienced a decline of 22.44 percent, a trend that has been gradually unfolding since August 2023.
Overall, Bangladesh's garment industry continues to navigate through global market fluctuations and evolving consumer preferences. While challenges persist, the industry's ability to adapt and explore new markets underscores its resilience and potential for sustained growth in the future.