The country's RMG exports witnessed a healthy growth of 10.84% during the July-March period of the current fiscal year (FY2024-25), fetching $30.25 billion — highlighting the resilience and potential of the apparel sector.
This was revealed as the Export Promotion Bureau (EPB) recently published the country-wise export data for the July-March period of FY2024-25.
The data showed that the European Union continues to be a pivotal market, representing 49.82% of Bangladesh's total RMG exports, with a total value of $15.07 billion.
Exports to the United States reached $5.74 billion, representing 18.97% of the total share, while Canada totaled $963.85 million with a 3.19% market share. The UK market also remained significant, with exports worth $3.36 billion, accounting for 11.10% of Bangladesh's total RMG exports during the specified period.
In terms of growth, Bangladesh's RMG exports to the EU grew by 11.31% year-on-year, while the US demonstrated a strong increase of 17.23% and Canada registered an increase of 15.66%. However, RMG exports to the UK recorded a more modest growth rate of 4.14%.
Within the EU, Germany stood out as a major market, with Bangladesh's exports valued at $3.80 billion, followed by Spain at $2.65 billion, France at $1.65 billion, Italy at $1.17 billion, Poland at $1.26 billion, and the Netherlands at $1.61 billion.
Growth rates were especially notable in Germany (10.72%), France (10.75%), the Netherlands (23.15%), Poland (10.32%), Denmark (12.80%), and Sweden (19.96%).
Bangladesh's RMG sector also recorded growth in non-traditional markets, with an overall rise of 6.66%. Total exports in these destinations reached $5.12 billion, accounting for 16.93% of Bangladesh's total exports, indicating potential for further expansion.
Among these markets, Japan led with imports totaling $960.45 million, followed by Australia at $653.64 million and India at $535.15 million.
Exports to Turkey and Mexico were also significant, amounting to $357.22 million and $251.22 million, respectively. Growth rates were 20.45% for India, 10.06% for Japan, 23.44% for Mexico, and 32.54% for Turkey.
While growth in Japan, Australia, India, Turkey, and Mexico was positive during this timeframe, exports to Russia, Korea, the UAE, and Malaysia declined.
Negative growth in the UAE, Malaysia, and Korea suggests the need for further efforts in these markets.
The knitwear sector showed total growth of 11.22%, although growth has slowed in non-traditional markets. The woven sector posted growth of 10.40%, with slower growth in the UK but considerably higher expansion in non-traditional markets.
The ongoing growth in exports remains largely dependent on the EU and US, which continue to be the main markets for Bangladesh, indicating further potential in these regions.
Mohiuddin Rubel, former director of BGMEA, managing director of Bangladesh Apparel Exchange, and additional managing director of Denim Expert Ltd, said the data highlights the significance of major, traditional markets in the country’s total export growth.
“The moderate growth in the non-traditional market underscores the importance of further research and focus in this category, as it possesses substantial growth potential, which will also help to balance reliance on traditional markets,” he said.
Rubel also noted that persistent global trade tensions are constantly reshaping the global environment, creating opportunities that Bangladesh could seize.
