RMG exports were US$35.362bn in the first ten months of fiscal 2021-22 compared to target of US$35.144bn set for current fiscal year, which ends June 30.īangladesh’s RMG export market has been booming since autumn 2021.
RMG EXPORT FULL
In the first six months (July-December) of FY22, Bangladesh exported RMG items worth $19.9 billion, fetching a 28.02% year-on-year growth from $15.55 billion in FY21.DHAKA – Readymade garment (RMG) exports from Bangladesh have hit their target for the full fiscal year in just 10 months. However, Bangladesh exported apparel items worth $110.39 million to China in FY22, fetching a 21.04% negative growth, which was $139.81 million in FY21.
The export to the non-traditional markets, countries including Australia, Brazil, Russia, China, South Africa etc, grew by 24.26% to $3.06 billion in the first half of FY22, which was $2.4 billion in the first half of FY21. The RMG export posted a significant growth in EU countries like Spain, Poland, Germany, and France. In the market of the UK, Bangladeshi RMG item export grew by 20.65% to $2.14 billion during the July-December period of the current FY, which was $1.78 billion in the last FY. The RMG export also experienced a growth of 23.78% to $602.82 million in the Canadian market in the first half of the current FY, which was $487.02 million in the same period of the last FY, EPB data shows. The exports to the EU countries experienced a growth of 23.83% to $12 billion in the first six months of FY22, which was $9.7 billion in the same period of FY21. Moreover, along with the US market, the export to major markets also had a strong comeback. “The BGMEA is focusing on development, the safety of workers, and protecting their jobs perfectly and are right in our place to continue the trade relation with the US,” he added. “Some buyers are delaying to place purchase orders due to Omicron-related reasons, they said that they will monitor the situation for a few weeks and then place the orders,” he added.Įarlier, in a dialogue, BGMEA President Faruque Hassan stated that the US is one of the largest destinations for the country’s apparel items. He also said that if the spread of the Omicron variant does not have any negative effects, this upward trend of exports to the US market will continue. “The US has shifted orders from China due to the trade war, from Myanmar due to military rule, and from India due to a shaky Covid-19 situation - Bangladesh is receiving these orders,” he added.
Shahidullah Azim, vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said that Bangladeshi clothing has good potential in the American market. US buyers, who were very conservative in purchasing apparel items due to the pandemic, have increased orders to cater for their growing demands while many of them have shifted from China due to the trade tensions, and from Vietnam and India due to the Covid-19-led factory closure, they also said. Industry insiders said high demand for the locally produced RMG, especially knit items, and significant rise in prices of raw materials, helped exports grow both in terms of volume and value.
Bangladesh's readymade garment (RMG) exports to the US - its single largest destination for apparel goods - have experienced a 45.91% strong comeback in the first half (July-December) of the 2021-22 fiscal year.Īccording to the country-wise RMG export data published by the Export Promotion Bureau (EPB), Bangladesh exported apparel worth $4.2 billion in the first six months of the current fiscal year.Įxport earnings from the US were $2.9 billion in the same period of FY21, EPB data shows.īangladesh exported woven products worth $2.83 billion, fetching a growth of 39.97%, and knitwear of $1.54 billion, fetching a 57.48% growth.Įxports to the EU countries and non-traditional markets also grew by 23.83% and 24.26%, respectively, according to the EPB data.īangladesh exported RMG items worth $6.36 billion during the first 11 months of 2021, up $1.49 billion or 30.68% compared to $4.86 billion in the same period of 2020, according to Otexa, an affiliate of the US Department of Commerce.
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