In the initial ten months of 2023, Bangladesh experienced a significant downturn in its apparel exports to the European Union (EU), witnessing a decline of 19.53 per cent to € 14.95 billion compared to the € 18.58 billion recorded during the same period in 2022.
This is as per reports even as apparel exporters attributed this decline to the sluggish overall imports of readymade garments by the EU, citing a decrease in clothing consumption within the economic bloc.
The reduction in consumption was attributed to high inflation, a consequence of the Russia-Ukraine war.
Despite the challenging scenario, Bangladesh emerged as a leading exporter of knitwear to the EU market from January to September 2023, surpassing China in both value and volume.
However, in October 2023, China regained its top position in the export of knitwear based on value. Nonetheless, Bangladesh retained its status as the primary exporter of knitwear to the EU in terms of volume.
According to Eurostat, Bangladesh’s knitwear exports to the EU during January-October 2023 amounted to € 9.12 billion, with China following closely at € 9.41 billion. Woven garment exports from Bangladesh to the EU during the same period totaled € 5.83 billion.
Faruque Hassan, the president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), acknowledged the negative growth trend in the EU market, attributing it to an overall decline in clothing demand due to economic slowdown.
