Dhaka: Bangladesh’s Ready-made Garment (RMG) exports have experienced a moderate growth of 10.64 percent, reaching a total of US$26.79 billion during the July-February period of the current fiscal year (FY25). The European Union continues to be a pivotal market for Bangladesh, representing 50.10 percent of the total RMG exports with a value of US$13.42 billion.
According to Bangladesh Sangbad Sangstha, the Export Promotion Bureau’s (EPB’s) recently published country-wise export data for the same period highlights the United States as another significant market, with exports totaling $5.06 billion, which accounts for 18.91 percent of the total share. Additionally, Canada and the UK have been key markets, with exports valued at $845 million and $2.93 billion, accounting for 3.16 percent and 10.94 percent of the total exports, respectively.
Bangladesh’s RMG exports to the EU grew by 11.53 percent year-over-year, with the USA demonstrating a strong increase of 16.38 percent and Canada registering a growth of 14.12 percent. However, exports to the UK showed a more modest growth rate of 3.74 percent. Within the EU, Germany emerged as a significant market, with exports valued at $3.38 billion, followed by Spain, France, Italy, Poland, and the Netherlands, each contributing notably to the export figures.
Growth rates in specific EU countries were particularly notable, with Germany at 11.03 percent, the Netherlands at 25.06 percent, Poland at 12.06 percent, Denmark at 14.58 percent, and Sweden at 21.12 percent. Beyond traditional markets, Bangladesh’s RMG sector also showcased growth in non-traditional markets, with an overall rise of 6.23 percent where total exports reached $4.52 billion, capturing 16.90 percent of Bangladesh’s total export. Japan led these markets with imports totaling $839 million, followed by Australia and India.
Exports to Turkey and Mexico showed significant growth, with India, Mexico, and Turkey recording growth rates of 18.58 percent, 25.14 percent, and 32.20 percent, respectively. However, exports to Russia, Korea, the UAE, and Malaysia have diminished during this period.
Mohiuddin Rubel, former director of BGMEA, managing director of Bangladesh Apparel Exchange, and Additional MD of Denim Expert Ltd, highlighted the importance of the non-traditional market’s moderate growth. He emphasized the need for further research and focus in this category to balance reliance on traditional markets. Rubel also mentioned the impact of global trade tensions and the opportunities they present, assuming Bangladesh has the required productive capacity. Additionally, he stressed the importance of investing in backward linkages to bolster the RMG sector’s competitiveness and growth potential.