Bangladesh: Apparel export grows in January-September 2023
18 October 2023, Mumbai
Bangladesh's ready-made garment (RMG) export reached US$35.61 billion during January-September 2023, up 7.96% year-over-year. This growth is being driven by non-traditional markets, such as Japan, Australia, and India.
EU Remains Largest Export Destination, But Germany Shows Decline
The European Union (EU) remained Bangladesh's largest RMG export destination, accounting for 49.22% of the total export value. However, exports to Germany, the EU's largest market, declined by 12.58%. Other EU markets that showed a decline in exports included Lithuania, Malta, Poland, Slovakia, and Slovenia.
US Exports Decline, UK and Canada Show Growth
The United States, Bangladesh's second-largest RMG export destination, saw a decline of 7.18% in exports during the January-September 2023 period.
However, exports to the United Kingdom and Canada increased by 14.92% and 6.27%, respectively.
Non-Traditional Markets Show Strong Growth
Exports to non-traditional markets increased significantly by 28.63% to US$6.57 billion in January-September 2023. Japan, in particular, saw a 45.23% increase in exports from Bangladesh. Other non-traditional markets that showed strong growth included Australia, India, South Korea, China, and Turkey.
