Bangladesh’s Exports to Asian Markets Surge by 14 per cent in FY ’23, say reports

Bangladesh’s exports to Asian countries have registered a substantial increase in FY ’23 even as data from the Export Promotion Bureau (EPB) underlined the country’s exports to 30 Asian countries reached US $ 6.76 billion in FY ’23, growing by US $ 826.88 million compared to US $ 5.94 billion in FY ’22.

Emphasising Asian markets, especially India, Japan, and South Korea, yielded positive results for exporters, fostering a promising future market.

Bangladesh Garment Manufacturers and Exporters Association President, Faruque Hassan, highlighted the strategic focus on Asian countries, leveraging initiatives like ‘Apparel Diplomacy’ with successful visits to India, Japan, and South Korea.

Diversification into new markets, including the Middle East, reportedly contributed to an 18 per cent share of apparel exports to emerging markets in FY ’23 even if Bangladesh’s exports to India rose by 6.93 per cent to US $ 2.13 billion, with RMG exports growing by 41.58 per cent to US $ 1.01 billion in FY ’23.

Exports to Japan witnessed a 40.45 per cent surge, reaching US $1.90 billion, while apparel exports experience a substantial 45.62 per cent growth to US $ 1.60 billion. Meanwhile, South Korea became a more significant market with a 17.64 per cent export increase to US $ 623.78 million in FY ’23.

Nevertheless, Bangladesh’s export earnings from China decreased slightly to US $ 677.35 million in FY ’23 from that of US $ 683.43 million in FY ’22, as per data.