RMG exports reach US$38.57b with 9.09pc YoY growth during July-April

Bangladesh's total RMG exports has recorded a healthy year-over-year (Y0Y) growth of 9.09 percent for the July-April period of the current fiscal year (FY2022-23), according to the latest data released by the Export Promotion Bureau (EPB).

The country's total RMG export during this period reached US$38.57 billion, out of which the EU market accounted for US$19.20 billion, accounting for 49.78 percent of the total exports.

Besides, RMG items worth US$6.9 billion were exported to the USA market having a share of 18.01 percent of the total exports, RMG products worth US$1.2 billion were exported to Canada with a share of 3.19 percent while US$7.00 billion went to the non-traditional market which had a share of 18.16 percent.

The EPB data showed that the country's export to EU countries grew by 8.58 percent compared to the same period of the previous fiscal year.
 
However, exports to Germany, Bulgaria, and Poland have declined. In contrast, Bangladesh's RMG export to France and Spain showed positive growth of 22.21 percent and 16.69 percent year-over-year, respectively.
 
Italy also displayed a positive trend, recording a growth of 42.40 percent fetching US$1.85 billion.

On the other hand, Bangladesh's export to the USA market faced a negative growth of 7.13 percent for the same period and reached US$6.94 billion.
 
The country's apparel export to Canada and the UK markets, however, experienced positive growth rates of 16.09 percent and 10.88 percent 
respectively.

Exports to non-traditional markets have also shown a positive trend with a growth rate of 30.80 percent bagging US$7 billion for the same period. 

Among the non-traditional markets, Japan, Australia, India, and South Korea were the major markets with US$1.32 billion, US$961.30 million, US$889.06 million, and US$477.81 million worth of RMG exports respectively.