Readymade garment (RMG) export to the European Union reached $ 5.51 billion during July-September of FY 2023-24, 11.47 per cent up compared to the same period of the previous fiscal year, according to the latest statistics of the Export Promotion Bureau (EPB), report agencies.
"Our exports to Spain, France, Netherlands and Italy showed 23.26 per cent, 8.67 per cent, 18.97 per cent and 23.22 per cent growth respectively.
On the other hand, export to Germany, the largest export market in the EU, declined by 4.41 per cent with an amount of US$ 1.45 billion compared to the July-September 2022-23 FY, said a press release sent by Mohiuddin Rubel, director at BGMEA.
"Our RMG export to the USA stood US$ 2.07 billion in the first three months of FY 2023-24 with 2.77 per cent growth. At the same time, exports to the UK and Canada reached US$ 1.45 billion and US$ 352.86 million, with 21.35 per cent and 5.44 per cent growth respectively," he said.
During July-September, of FY 2023-24, apparel export to non-traditional markets grew by 24.93 per cent to US$ 2.24 billion from US$ 1.80 billion in the corresponding period of previous year, said the BGMEA director.
Among the major non-traditional markets, exports to Japan, Australia and South Korea increased by 39.44 per cent, 54.11 per cent and 37.01 per cent respectively but export to India declined by 7.69%, he added.
However, apparel export to India during this three-month period declined by 7.69 per cent.
Talking to the BSS, BGMEA Director Mohiuddin Rubel, also the Additional Managing Director, Denim Expert Limited, said that although there was increase in the export earnings from RMG during this period, but the number of orders has dropped side by side the production cost coupled with the utility bills have increased.
He said that there is no alternative to raising the orders to have a successful turnaround of the RMG sector amid the global uncertainties.
Noting that the country's RMG sector has now become more compliant having enough technological support and skilled manpower, Rubel expressed his optimism that this apparel sector would fare better in the coming days.
Referring to the performances of the RMG items in the non-traditional market, he said that the exporters are being encouraged to raise their exports in the non-traditional market to increase the overall export earnings.
The BGMEA director also stressed the need for keeping up the growth momentum in the USA and UK market as well as attaining positive growth again from the apparel markets of Germany and India.
