In pursuit of diversifying export destinations, Bangladesh witnessed a remarkable 20.54 per cent year-on-year growth in apparel exports to non-traditional markets during the entirety of 2023.
Export Promotion Bureau (EPB) data revealed a surge from US $ 7.36 billion to US $ 8.87 billion in exports to these destinations within the specified period.
Japan emerged as the leading destination among major non-traditional markets, securing US $ 1.68 billion and experiencing a substantial growth of 26.53 per cent compared to the previous year.
Other non-traditional markets, including Australia, Russia, New Zealand, Saudi Arabia, South Korea, and China, also showcased positive growth.
Despite ongoing geopolitical challenges, Russia imported US $ 479 million worth of apparel from Bangladesh in 2023, marking a 13.13 per cent increase from US $ 423.21 million in 2022.
Japan and Australia were the sole non-traditional markets receiving over US $ 1 billion worth of apparel from Bangladesh.
The share of apparel exports to non-traditional markets rose to 18.72 per cent in 2023, up from 16.10 per cent in 2022 even as exporters emphasised the robust performance of Bangladesh’s apparel sector in non-traditional markets despite a global slowdown in apparel demand.
Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), commended exporters for their commitment to diversifying the export portfolio.
He acknowledged the collective achievements of individual exporters within the industry, attributing the positive growth to their tireless efforts and vision.
