The apparel export to the European Union (EU), the largest destination of the country's apparel shipment, saw a positive growth of 45.26% to $15.37 billion in the first eight months (January-August) of this year, according to the latest import statistics.
The import statistics were revealed by the European Statistical Office (Eurostat) and compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Manufacturers exported apparel items worth $10.58 billion to the EU countries in the same period last year, revealed the Eurostat data.
Moreover, the EU's global apparel imports grew to $67.18 billion in the first eight months of 2022, attaining a growth of 26.77% from $52.99 billion in the same period last year, data showed.
However, local manufacturers said that Eurostat usually has a gap of three months in publishing data.
So, since July, the global situation has changed notably due to economic turmoil, inflationary pressures, war and prolonged summer, which led to a decline in orders and already caused negative growth in September by 7.52% while October saw a very narrow growth in export earnings.
However, according to the Eurostat data, China, the top apparel exporter to the EU, registered a growth of 23.52% year-on-year (YoY) to $14.93 billion in the mentioned period, higher than $12.09 billion in the same period last year.
China, being the top apparel import source for the EU and having a 28.06% share, registered a y-o-y growth of 26.59% to $18.85 billion in January-August, 2022, higher than $14.89 billion in the same period of 2021.
Followed by Bangladesh, Turkey is the third largest apparel exporter to the EU and also posted a YoY growth of 16.97%. In the January to August period of 2022, the EU imported apparel items worth $8.17 billion from Turkey, higher than $6.99 billion in the first eight months of last year.
Being fourth, India registered a growth of 28.85% to $3.59 billion, from $2.79 billion in the same period of 2021, Eurostat data said.
Vietnam secured the fifth position by exporting apparel items worth $2.76 billion in the first eight months of 2022, fetching a YoY growth of 25.75% from $2.19 in the same period last year.
Among other notable global apparel manufacturers, Pakistan fetched a YoY growth of 31.34% to $2.56 billion, Cambodia 42.21% to $2.37 billion and Morocco 16.16% to $2.16 billion in the January to August period of the current year, Eurostat data showed.
Talking to Dhaka Tribune, BGMEA Director Mohiuddin Rubel said that the position of Bangladesh is always good in Europe.
“But now the situation has changed. It should be noted that the data given here is till August, after which the global economic situation has turned into a slight recession,” he added.
He also said that according to the EPB data, the exports experienced negative growth in September and increased by a very narrow margin in October.
“When the Eurostat data for the coming months will be published, it may be seen that the growth margin slowed down,” he added.
Moreover, now it remains to be seen how much they can sustain this growth in the next season.
Manufacturers also said that due to Eurostat data being published later, a gap of positive-negative or confusion has been created.