Bangladesh鈥檚 readymade garments exports in the July-May period of the 2023-24 financial year grew in all non-traditional markets except neighbouring India.
The country鈥檚 apparel export destinations outside the European Union, the United States, the United Kingdom and Canada are considered non-traditional markets.
According to the Export Promotion Bureau data, Bangladesh鈥檚 RMG exports in July-May of FY24 to the non-traditional markets grew by 6.47 per cent to $8.19 billion compared with that of $7.69 billion in the same period of the previous financial year.
But the country鈥檚 apparel exports to India in the 11 months of FY24 declined by 23.11 per cent to $728.85 million compared with that of $947.86 million in the same period of FY23.
鈥榃e are optimistic about the future growth of Bangladeshi apparel to the non-traditional markets, as exporters are receiving better prices in those markets,鈥� Bangladesh Knitwear Manufacturers and Exporters Association senior-vice president Fazlee Shamim Ehsan told 抖阴精品 on Thursday.
He said that Indian government had announced huge incentives on the investments in the RMG sector in some states to gain more share on the global market.
鈥榃ith the government support, Indian manufacturers have already begun to increase their production capacity. As India expanded its capacity, Bangladesh鈥檚 apparel exports have started encountering more non-tariff barriers in the market,鈥� Fazlee Shamim said.
Although Bangladesh鈥檚 apparel exports to major markets like the EU, the US and Canada have been struggling in recent months, exporters have remained optimistic about the future of non-traditional markets.
The country鈥檚 apparel exports to the EU in July-May of FY24 witnessed a meagre 2 per cent growth to $21.65 billion while the earnings from the US fell by 3.43 per cent to $7.47 billion in the period compared with that in the same period of the previous year.
Among the non-traditional markets, Bangladesh鈥檚 apparel exports to Australia in July-May of FY24 increased by 11.76 per cent to $1.18 billion compared with that of $1.06 billion in the same period of FY23.
RMG exports to Japan in 11 months of FY24 increased by 1.83 per cent to $1.48 billion compared with $1.46 billion in the same period of FY23.
Bangladesh鈥檚 apparel exports to South Korea in July-May of FY24 increased by 14.34 per cent to $572.85 million compared with that of $501.01 million in the same period of FY23.
The country鈥檚 RMG exports to Russia in the 11 months of FY24 increased by 15.50 per cent to $462.35 million while the exports to China grew by 23.23 per cent to $310.55 million in the period.
The EPB data also showed that Bangladesh鈥檚 apparel exports to the United Arab Emirates in July-May of FY24 grew by 34.08 per cent to $368.94 while the RMG export earnings from Saudi Arabia increased by 58.28 per cent to $273.05 million in the period.
