RMG to major export destinations in Europe witness growth

The export of RMG items to the major export destinations in Europe witnessed positive growth during the July-February period of the current fiscal year (FY24).

As per the latest statistics of the Export Promotion Bureau (EPB), RMG export to the European Union reached $16.23 billion, with an increase of 3.27 per cent, during this July-February period compared to the same period of the previous fiscal year (FY23).

Bangladesh's RMG export to Spain, France, the Netherlands, Poland and Denmark showed 8.68 per cent, 4.72 per cent, 14.55 per cent, 21.82 per cent and 32.81 per cent growth respectively during this eight-month period.

However, the apparel exports to Italy declined by 0.93 per cent during this period. On the other hand, RMG export in Germany, the largest export market in the EU, declined by 11.63 per cent fetching an amount of $4.09 billion during this eight-month period compared to the July-February period of the previous fiscal year.

The EPB figures showed that RMG export to USA reached $5.46 billion in the July-February period of FY24 with a fall of 2.58 per cent. At the same time, the RMG export to UK and Canada reached $3.85 billion and $998.77 million of FY24 with 14.64 per cent and 1.81 per cent year on year growth respectively.

During this July-February period, the apparel export to non-traditional markets grew by 10.83 per cent to $6.30 billion from $5.68 billion compared to the corresponding period of the previous year.

Among the major non-traditional markets, export to Japan, Australia and South Korea increased by 7.12 per cent, 21.29 per cent and 17.16 per cent respectively.

However, the apparel exports to India declined by 22.99 per cent.