Apparel exports from Bangladesh witness decline in key US and top EU markets, say reports

During the initial five months of the current fiscal year (FY ’24), Bangladesh experienced a negative growth in the export of readymade garments (RMG) to its primary destinations, including the United States (its single largest market), Germany (the second-largest), and the European Union (the overall largest market).

Export data compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) from the Export Promotion Bureau (EPB) reveals that Bangladesh exported apparel items amounting to US $ 18.83 billion from July to November in FY ’24.

This reflects a marginal increase of 2.75 per cent from the US $ 18.33 billion recorded during the corresponding period in FY ’23.

Specifically, RMG exports to the United States, the largest single destination for Bangladesh, reached US $ 3.27 billion during this period, witnessing a negative year-on-year growth of 5.76 per cent.

This is in contrast to the US $ 3.47 billion exported during the same period in FY ’23.

Although there was a brief return to positive growth in September after consecutive months of decline, exports to the US began decreasing again from October.

Meanwhile, exports to Germany, the second-largest destination for RMG manufacturers, continued on a negative trajectory, declining by 15.10 per cent to US $ 2.30 billion from the US $ 2.71 billion recorded in July-November of FY ’23.