Clothing exports to the EU increase by 12%

The demand for Bangladeshi-made clothing items is increasing among Asian consumers, whose purchasing ability is on the rise. Picture: star

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The demand for Bangladeshi-made clothing items is increasing among Asian consumers, whose purchasing ability is on the rise. Picture: star

Bangladesh’s apparel exports to the European Union (EU) rose 12.43% year-on-year to $4.94 billion in the first three months of the current fiscal year, Bureau data shows. Export Promotion Program (EPB).

Exports to Germany, the country’s biggest export market in the EU, rose just 1.34% to $1.52 billion between July and September, while shipments to the Spain and France recorded growth of 21.35% and 36.72% respectively.

On the other hand, exports to Poland, one of the most promising markets, fell by 24.49% compared to the July-September period of the 2021-22 financial year, said the Association of Manufacturers and Exporters. Bangladesh Garments Company (BGMEA) in a statement.

Apparel exports to the United States amounted to $2.01 billion in the first three months of FY 2022-23, growing 5.13% year-on-year, indicating a clear deceleration.

Meanwhile, exports to the UK and Canada reached $1.19 billion and $334.65 million with growth of 15.11 percent and 17.40 percent respectively, BGMEA said.

Meanwhile, apparel exports to non-traditional markets rose 25.47% to $1.76 billion in the July-September period this year from $1.43 billion. dollars in the same period the previous year.

Among non-traditional markets, exports to Japan reached $320.40 million with a growth of 16.60%, while exports to India also increased significantly by 66.20% to reach 306 .39 million.

However, exports to China, UAE, South Africa and Russia decreased by 3.69%, 0.13%, 8.71% and 47.30% respectively at the same time.

It is clear from the data that growth is slowing in major markets, including the United States and Germany, due to the global economic crisis and the resulting impact on retail markets, the BGMEA said.

Clothing shipments have slowed in recent months mainly due to the Russian-Ukrainian war, for which European consumers have suffered from high inflation, he added.

Michael O. Stutler