30 September 2023, Mumbai
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FY2022-23
- Readymade garment export contributed 84.5% of Bangladesh's total exports valued at nearly $47 billion.
- Garment exports to the US saw negative growth at -5.5%, while exports to the UK and EU grew by 11.8% and 9.9% respectively.
- Non-traditional markets like Brazil, Turkey, and Japan fared exceptionally well with over 71%, nearly 50%, and nearly 46% growth respectively.
FY2023-24 (First two months)
- Bangladesh sees moderate demand growth in both traditional and non-traditional markets.
- Apparel export worth $7.99 billion, a growth of 12.46% from $7.11 billion in July-August of this fiscal.
- The US is the largest single export destination with exports worth $1.46 billion, a year-on-year growth of 2.95%.
- The UK is the third highest destination with exports worth $976.8 million, a growth of 19.1% year-on-year.
- Apparel export to other major destinations such as Spain, France, Netherlands, Italy, and Poland also registered positive growth.
- The US's Generalized System of Preference program has included Bangladeshi apparel, making it duty free as opposed to the 11% it is being taxed as customs.
BGMEA's assessment
BGMEA is satisfied with Bangladesh's export performance in FY2022-23 and FY2023-24. Bangladesh has fared well as per course, especially in non-traditional markets despite depressed orders from traditional markets.
The US's decision to make Bangladeshi apparel duty free is a positive development for the garment sector.
