12 July 2023, Mumbai
Bangladesh's apparel exports surged in the European markets during FY22-23, defying the Russia-Ukraine conflict's economic slowdown.
Data points
Export Promotion Bureau (EPB) data shows a 9.93% YoY increase in apparel exports to the European Union, reaching around $23.52 billion, while the UK market saw an 11.78% YoY growth, surpassing $5 billion. Non-traditional markets also performed well, with Bangladesh's apparel exports rising by 31.38% to $8.37 billion in FY23.
Mixed bag
However, the US and Germany experienced declines of 6.81% and 5.51%, respectively, while exports to Canada increased by 16.55%. Growth was also observed in apparel exports to Japan, Australia, India, South Korea, and China.
Growth concerns remain
Despite positive growth, concerns arise due to low order volumes, factory capacity constraints, increased production costs, and order cancellations. Bangladesh's overall apparel export reached $46.99 billion, accounting for 84.59% of total export earnings in FY23.
