Bangladesh’s apparel exports in the first nine months of the current fiscal, i.e. July 2022-March 2023, jumped by around 12 percent - an impressive clip by anybody's standards. It is even more impressive when you consider that apparel exports to the US, which has been its largest single market, actually declined 5%.  

On the other hand, exports to the European Union overall, kept up with the pace of the industry. Apparel exports to the European Union during July-March of the 2022-23 fiscal also jumped by almost 12 percent (11.8% to be more precise), to $17.61 billion, compared to the $15.75 billion recorded in July-March of the 2021-22 fiscal, according to BGMEA Director Mohiuddin Rubel.

The overall growth in apparel export has been an impressive 12.2%, from $31.43 billion in the first 9 months of FY 2021-22, to $35.25 billion in the first 9 months of FY 2022-23.

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This highly impressive growth figure has been achieved despite the industry's exports to the US having actually declined by 5 percent - to $6.25 billion in the first 9 months of the current fiscal, from the $6.6 billion recorded last year.

Bangladesh’s apparel exports to the UK and Canada reached $3.84 billion and $1.08 billion with 14.04 percent and 17.68 percent growth respectively.

Among the major markets in the EU, apparel exports to Germany declined by 4.16% year-over-year while exports to France and Spain grew by 25.23% and 18.82% year-over-year respectively. On the other hand, exports to Poland declined by 14.86%.

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The most significant growth was reported in the nontraditional sector. The apparel export to nontraditional market increased by 34.74% to US$6.44 billion in July-March period of FY 2022-23 from US$ 4.78 billion in the same period.

Mohiuddin Rubel, BGMEA director, said: “BGMEA is working to facilitate the exploration of new markets, as well as working on policy reforms to facilitate and simplify business.”

“Our efforts will be continued, and it’s time for all of us in the industry to promote and highlight our strengths in new products and new markets before the global customers (existing and new ones) to explore new opportunities. That will help sustain our growth in the longer term,” he added.

Read More: Apparel exports to EU grew 35.69% in 2022.