As you know that RMG export during July-April of FY2021-22 has increased by 35.98% on year over year basis, during the mentioned period our exports to the European Union (EU) increased by 33.98% US$ 17.69 billion) and to USA by 54.98% (US$ 7.48 billion).
Among the EU markets, Germany, Spain, France and Poland posted significant growth during the last 10 months. Our export to Germany, the largest export destination of Bangladesh in the EU reached US$ 5.98 dollars with 28.91% growth compared to the 10 months of last fiscal year. Export to other major countries such as Spain, France and Poland also grew by 39.53%, 35.13% and 46.28% respectively. Meanwhile, export to other EU countries such as Italy and Netherlands crossed one billion dollar mark during the mentioned time.
At the same time, export to U.K., the 3rd largest market for us, stood US$ 3.78 billion with 29.72% growth. Export to Canada increased to US$ 1.05 billion in July-April FY2021-22 from US$ 796.65 million during the same period of FY21.
Apart from the traditional market, RMG export to the non-traditional markets also fetched US$ 5.35 billion, up by 25.53%. Export to Japan increased by 17.09% and reached to US$ 939.18 million. Other non-traditional markets where Bangladesh seen significant growth are Chile 128.80%, Mexico 81.45%, India 60.64%, Turkey 46.81% and South Korea 28.52%. The spread of Omicron in China has distressed its economy resulting in a slowdown in imports. During the mentioned period our export to China has declined by 17.25%.
The general outlook of the global economy seems depressing and indicating toward recession. Already the order situation reflects early symptom of possible slowdown, though Bangladesh is in a much better position relatively, we need to be watchful about the developments so that we can plan our resources and capacity accordingly.
