RMG to major export destinations in Europe witness healthy growth

The export of RMG items to the major export destinations in Europe witnessed positive growth during the July-February period of the current fiscal year (FY24).

As per the latest statistics of the Export Promotion Bureau (EPB), RMG exports to the European Union reached $16.23 billion, with an increase of 3.27 percent, during this July-February period compared to the same period of the previous fiscal year (FY23), reports BSS.

Bangladesh's RMG exports to Spain, France, the Netherlands, Poland and Denmark showed 8.68 percent, 4.72 percent, 14.55 percent, 21.82 percent and 32.81 percent growth respectively during this eight-month period.

However, the apparel exports to Italy declined by 0.93 percent during this period. On the other hand, RMG export in Germany, the largest export market in the EU, declined by 11.63 percent fetching an amount of $4.09 billion during this eight-month period compared to the July-February period of the previous fiscal year.

The EPB figures showed that RMG export to the USA reached $5.46 billion in the July-February period of FY24 with a fall of 2.58 percent. At the same time, the RMG export to UK and Canada reached $3.85 billion and $998.77 million in FY24 with 14.64 percent and 1.81 percent year on year growth respectively.

During this July-February period, the apparel export to non-traditional markets grew by 10.83 percent to $6.30 billion from $5.68 billion compared to the corresponding period of the previous year.

Among the major non-traditional markets, exports to Japan, Australia and South Korea increased by 7.12 percent, 21.29 percent and 17.16 percent respectively.

However, the apparel exports to India declined by 22.99 percent.