RMG export to EU grows 9.93pc in FY 2022-23

RMG exports from Bangladesh to the European Union (EU) saw 9.93 percent growth during the fiscal year 2022-23 — from $21.40 billion in FY 2021-22 to $23.52 billion in FY 2022-23, according to the Export Promotion Bureau (EPB).

However, exports to some major markets in the EU region, such as Germany and Poland, have declined significantly.

In FY 2022-23, apparel exports to Spain, France, Italy, Denmark and Netherland were worth US$ 3.37 billion, US$ 2.94 billion, US$ 2.27 billion, US$ 1.28 billion, and US$ 1.85 billion respectively.

Export to USA, the top apparel export destination of Bangladesh, declined by 5.51 percent to US$ 8.51 billion, from US$ 9.01 billion in FY 2021-22, in the mentioned period.

At the same time, RMG exports to the UK and Canada increased by 11.78 percent and 16.55 percent respectively.

During the mentioned year, Bangladesh’s exports to non-traditional markets has achieved significant growth of 31.38 percent.

Among the major non-traditional markets, exports to Japan, Australia and India crossed the one billion dollar milestone.

The share of non-traditional markets in total RMG export also increased by 17.82 percent in FY 2022-23 from 14.96 percent in FY 2021-22.