In the 11-month period from January to November 2023, Bangladesh experienced a 19.92 per cent decline in apparel exports to the European Union, amounting to € 16.26 billion compared to € 20.30 billion in the corresponding period of 2022.
This is as per reports, which further added the exporters attributed this decrease to a slowdown in the shipment of readymade garments to the EU market, influenced by the economic repercussions of the Russia-Ukraine war.
During recent months, the global economic slowdown, compounded by political tension during Bangladesh’s election period, resulted in reduced orders from international brands and buyers.
However, orders have started to rebound since the national election, and exporters are optimistic that the export situation will improve in the next quarter, especially as buyers increase orders amid easing inflation.
tat data reveals that the EU’s overall imports of readymade garments from the world decreased by almost 10 per cent to € 82.71 billion in January-November 2023, down from € 91.89 billion in the same period of 2022.
Notably, while China remains the top apparel exporter to the EU in value, Bangladesh has emerged as the leading knitwear exporter to the market in terms of volume during January-November 2023.
