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18 June 2024

Business Insider Bangladesh

RMG exports to EU notches 3.66% growth

BI Desk || BusinessInsider

Published: 00:06, 27 May 2024  
RMG exports to EU notches 3.66% growth

Photo: Collected

Bangladesh's RMG exports to the European Union (EU) registered a 3.66 percent growth during the July-April period of the current fiscal year (FY24) bagging $19.90 billion.

As per the latest statistics of the Export Promotion Bureau (EPB), Bangladesh's export to Spain, France, Netherlands, Poland and Denmark showed 6.07 percent, 3.42 percent, 17.51 percent, 20.65 percent and 32 percent growth respectively during this 10-month period.

However, apparel exports to Italy declined by 2.45 percent. On the contrary, RMG exports to Germany, the largest export market in the EU, declined by 9.40 percent with an amount of $ 5.01 billion compared to the July-April period of the previous fiscal year (2022-23).

During this 10-month period, the country's RMG exports to the USA reached $ 6.81 billion with a fall of 1.90 percent.

At the same time, Bangladesh's exports to U.K. and Canada reached US$ 4.8 billion and US$1.26 million of the FY2023-24 with a 14.55 % and 2.95% year on year (Y-O-Y) growth respectively.

During the July-April period of FY24, Bangladesh's apparel exports to non-traditional markets grew by 10 percent to $ 7.70 billion from $ 7 billion in the corresponding period of previous year.

Among the major non-traditional markets, exports to Japan, Australia and South Korea increased by 6.14 percent, 17.18 percent and 14.73 percent respectively.

However, Bangladesh's apparel exports to India declined by 22.44 percent.