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From January to September of this year, Bangladesh's apparel exports brought in $35.61 billion. Last year, $32.99 billion was made from garment exports over the same time frame. That means that in just nine months, the export revenue from apparel has grown by 7.96 percent when compared to the same period last year.
According to BGMEA President Faruque Hassan, export growth is encouraging because of the industry's favorable perception, innovation, opening up new markets, and rise in high-value clothing exports—despite low volume and work orders.
In general, he stated, the nation's apparel industry entrepreneurs are outperforming those in our rival nations. But to address the impending problem, policy support from the government is required.
Based on data from the Export Promotion Bureau (EPB) for the period of January to September of this year, Bangladesh's exports to EU nations reached $17.52 billion, up 6.40 percent from $16.47 billion during the same period last year.
But the largest market in the EU, Germany, has been contracting for months. German exports dropped from $5.35 billion in the first nine months of 2022 to $4.68 billion in the first nine months of 2023, a 12.58 percent decline.
Exports to France, Spain, and Italy were $2.15 billion, $2.91 billion, and $1.60 billion, respectively, up 12.2%, 20.72 percent, and 27.02 percent. Conversely, exports to Denmark increased by 15.26% to surpass $1 billion.
Countries like Latvia, Romania, Finland, and Croatia all saw rapid growth during this time.
Bangladesh's primary market, the United States, saw a 7.18 percent decline in exports from $6.79 billion in January–September 2022 to $6.30 billion in the same period in 2023.
Positive growth has occurred in the UK (up 14.92%) and Canada (up 6.27%) in the last nine months. During this time, apparel exports to the UK and Canada totaled $4.07 billion and $1.12 billion, respectively.
Bangladesh's apparel exports to non-traditional markets climbed by 28.63 percent to $6.57 billion from $5.11 billion in January to September 2022, in addition to traditional markets.
Exports from Japan to the main non-traditional markets totaled $1.29 billion, up 45.23 percent from the previous year. These markets included Australia, which accounted for 54.69 percent of exports, India, 13.87 percent, South Korea, 20.93 percent, China, and Turkey, 35.11 percent.
Bangladesh's greatest market as a single nation is the United States, which accounts for 17.70 percent of overall exports, followed by the EU at 49.22 percent. For the UK and Canada, it accounted for 11.45% and 3.16 percent, respectively, of their total apparel exports.
According to the sources, non-conventional markets accounted for 18.47 percent of all exports in the first nine months of 2023. For the clothing business, the rise in non-traditional market share is unquestionably encouraging. Future market diversification should continue in light of the goal of exporting $100 billion by 2030.
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