EU-Bound RMG Export Falls

Garment export to the European Union (EU) declined by 1.24 percent to $11.36 billion in the July-December period, the first six months of the current fiscal year, according to data from the Export Promotion Bureau (EPB) released on Thursday (January 18).

Last year was a dull season for shipment of apparel because of high unsold stock of clothing items in the stores of western retailers and brands followed by high inflationary pressure on the consumers.

Readymade garment (RMG) export to major EU markets such as Spain, France, the Netherlands and Poland showed growth during the period, according to EPB data compiled by Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

On the other hand, apparel shipment to Germany, the largest export market in the EU, declined by 17 percent year-on-year to $2.86 billion in the July-December period of 2023-24 fiscal year. 

Apparel export to Italy declined by 3.89 percent, the EPB data showed.

Along with the EU region, RMG export to the USA, the single biggest market for Bangladesh, fell 5.69 percent year-on-year to $4.03 billion in the first six months of the fiscal year.

RMG export to Canada grew 4 percent year-on-year to $741.94 million in the first six months of FY24.

At the same time, garment export to the UK reached $2.71 billion, posting a 13.24 percent year-on-year growth. 

BGMEA said apparel export to non-traditional markets grew by 12.28 percent to $ 4.53 billion in the July-December period. 

Among the major non-traditional markets, exports to Japan, Australia, and South Korea increased.

However, apparel export to India declined by 17.27 percent, according to data from the EPB.