Significant growth was observed in Bangladesh’s apparel exports to European markets (UK and the EU) in the fiscal year 2022-23.
This is as per reports, which cited the figures from the country’s Export Promotion Bureau (EPB), as per which apparel exports to European Union countries increased by 9.93 per cent year-on-year, reaching approximately US $ 23.52 billion, compared to US $ 21.40 billion in FY ’22.
Similarly, the United Kingdom (UK) market experienced an 11.78 per cent year-on-year growth, surpassing US $ 5 billion in FY ’23, compared to US $ 4.50 billion in the previous fiscal year.
Exporters attributed this growth to an increase in the export of high-value products, as well as the elevated costs of raw materials and freight even if they noted these markets demonstrated relatively stronger economic performances compared to their Western counterparts, which faced challenges due to the ongoing Russia-Ukraine conflict.
Exporters also acknowledged the positive performance of non-traditional markets following the Covid-19 pandemic shock. However, despite this, the overall volume of apparel exports remained low year-on-year in FY ’23.
