Bangladesh's RMG exports reach $38.57b with 9.09% growth

Bangladesh's total RMG exports have recorded a healthy year-over-year (YoY) growth of 9.09% 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 exports during this period reached $38.57bn, out of which the EU market accounted for $19.20 billion, accounting for 49.78% of the total exports.

Besides, RMG items worth $6.9 billion were exported to the US market, having a share of 18.01% of the total exports; RMG products worth $1.2 billion were exported to Canada with a share of 3.19% and RMG exports to the non-traditional market were worth $7.00 billion, accounting for 18.16% of the total exports.

The EPB data showed that the country's exports to EU countries grew by 8.58% compared to the same period of the previous fiscal year.

However, exports to Germany, Bulgaria, and Poland have declined. In contrast, Bangladesh's RMG exports to France and Spain showed positive growth of 22.21% and 16.69% year-over-year, respectively.

Italy also displayed a positive trend, recording a growth rate of 42.40% fetching $1.85 billion.

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

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