Over the past three months, Bangladesh has experienced a decline in its apparel exports to significant markets, such as the US and Germany. This decline is attributed to reduced clothing consumption in Western countries caused by high inflation.
During the July-April period of FY ’23, Bangladesh experienced an 8.58 per cent increase in apparel exports to the EU, reaching US $ 19.20 billion in comparison to US $ 17.68 billion in the corresponding period of FY ’22.
However, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President, Faruque Hassan, commented that the global market size of apparel was shrinking due to the economic slowdown induced by the Russia-Ukraine war. As a result, it was evident that Bangladesh’s exports to Western countries would decline.
Data shows that Bangladesh’s apparel exports to Japan grew by 40.73 per cent to US $ 1.32 billion in the July-April period of FY ’23, up from US $ 939.18 million in the same period of FY ’22.
Furthermore, the country’s ready-made garment (RMG) export to India increased by 50.33 per cent to US $ 889.06 million in the first 10 months of FY ’23, compared to US $ 591.41 million in the same period of FY ’22.
Additionally, Bangladesh’s apparel export to Australia grew by 39.06 per cent to US $ 961.30 million in the July-April period of FY ’23, up from US $ 691.30 million in the corresponding period of FY ’22.
The country’s apparel exports to South Korea also witnessed growth, increasing by 31.61 per cent to US $ 477.81 million in the first 10 months of FY ’23, compared to US $ 363.04 million in the same period of FY ’22.
Moreover, the apparel export to Brazil rose significantly by 71.92 per cent to US $ 139.34 million in the first 10 months of FY ’23, compared to US $ 81.04 million in the corresponding period of FY ’22.
