The global economy is passing through a turbulent time. Retail sales globally is affected as a result. Imported inflation is a big concern for us. The depression in demand and consumption for clothing may continue for some time, yet there are many avenues for new growth and opportunities. Recycling and upcycling on textile wastes (known as Jhoot) could open a new horizon and brand Bangladesh as a destination for circular fashion altogether. BGMEA is working to promote and facilitate recycling of pre-consumer textile wastes and we hope to see a major breakthrough in this area in near future. Also a transition to non-cotton items, more investments in backward linkage industries particularly woven textiles, and also high end fashion items makes the way forward.

During the first four months of FY 2022-23, our apparel export to non-traditional markets grew by 24.17% and reached US$ 2.45 billion from US$1.97 billion in the corresponding period of the previous fiscal year. Among the non-traditional markets, export to Japan reached US$ 453.91 million dollars with 26.03% year-on-year growth. Export to India also increased by 55.87% and reached US$ 397.16 million. On the other hand, exports to Russia and UAE have declined by 51.14%, and 0.76% respectively.

During July-October of the FY 2022-23, RMG export to the European Union reached US$ 6.79 billion, with 10.26% growth compared to the same period of the previous fiscal year. Export to major destination in Europe, i.e. Germany, declined by 2.54%. Export to Germany during the mentioned period of time was US$ 2.04 billion. Export to Poland, which is one of the fastest growing market in EU, also saw a decline by 27.59% year-on-year. On the other hand, our apparel export to Spain and France have shown 16.91% and 37.06% growth respectively.

Bangladesh’s RMG Export to World (July-October FY 2021-22 & 2022-23) Export Value in Million USD

EU CountriesWoven Knit Total
July-Oct July-Oct Growth %July-Oct July-Oct Growth %July-Oct July-OctGrowth 

%

2021-22 2022-23 2021-22 2022-23 2021-22 2022-23
Austria 4.42 4.80 8.60 10.65 16.59 55.76 15.07 21.39 41.93
Belgium 66.27 60.28 -9.03 146.76 163.75 11.58 213.03 224.04 5.17
Bulgaria 0.13 0.03 -76.61 0.47 0.33 -30.89 0.60 0.36 -40.62
Denmark 99.50 104.77 5.30 238.73 250.58 4.96 338.23 355.35 5.06
Finland 1.33 2.02 52.27 8.46 14.23 68.14 9.79 16.25 65.99
France 205.20 288.07 40.38 425.95 577.02 35.47 631.16 865.09 37.06
Germany 802.89 768.44 -4.29 1,297.48 1278.65 -1.45 2100.37 2047.09 -2.54
Greece 2.86 5.55 94.16 12.26 16.78 36.85 15.12 22.33 47.68
Italy 109.81 166.26 51.41 326.65 382.22 17.01 436.46 548.48 25.66
Ireland 19.87 26.81 34.98 41.92 46.24 10.30 61.78 73.05 18.24
Netherlands 162.04 223.03 37.64 271.82 332.81 22.44 433.86 555.84 28.12
Portugal 7.04 10.32 46.47 16.89 27.25 61.38 23.93 37.57 56.99
Romania 0.50 0.36 -28.20 4.48 4.45 -0.72 4.98 4.81 -3.50
Spain 388.27 428.83 10.45 558.69 678.23 21.40 946.95 1107.06 16.91
Sweden 54.70 71.93 31.51 152.91 177.52 16.09 207.61 249.45 20.15
Cyprus 0.13 0.26 109.92 0.43 1.29 202.59 0.55 1.55 181.49
Czech Republic 35.80 55.84 55.98 38.48 57.71 49.99 74.27 113.55 52.88
Estonia 0.05 0.04 -19.31 0.31 0.36 16.38 0.36 0.40 11.18
Hungary 7.41 13.58 83.10 31.85 49.25 54.62 39.27 62.82 59.99
Latvia 0.09 0.04 -60.15 0.13 0.13 -1.72 0.22 0.16 -26.11
Lithuania 0.08 0.10 32.94 0.02 0.02 7.70 0.09 0.12 28.44
Malta 0.02 0.03 51.14 0.05 0.12 123.12 0.07 0.14 105.42
Poland 205.06 148.30 -27.68 345.65 250.46 -27.54 550.71 398.77 -27.59
Slovakia 4.10 7.02 71.08 17.11 25.51 49.06 21.22 32.53 53.32
Slovenia 6.58 11.96 81.86 24.53 32.54 32.66 31.11 44.51 43.06
Croatia 1.33 2.78 108.90 3.40 7.89 132.14 4.73 10.67 125.61
Luxembourg 0.09 0.19 99.24 0.31 0.43 39.76 0.40 0.61 53.76
Sub-Total (EU) 2,185.56 2,401.65 9.89 3,976.38 4,392.32 10.466,161.95 6,793.97 10.26
EU % of World 40.39 38.57 55.15 56.86 48.82 48.69
USA 1,650.31 1827.73 10.75 1,012.75 832.43 -17.812,663.07 2,660.16 -0.11
% of USA 30.50 29.35 14.05 10.78 21.10 19.07
U.K. 512.87 586.62 14.38 932.03 991.53 6.38 1444.91 1578.15 9.22
% of U.K. 9.48 9.42 12.93 12.84 11.45 11.31
Canada 171.70 254.24 48.08 206.36 215.79 4.57 378.05 470.03 24.33
% of Canada 3.17 4.08 2.86 2.79 3.00 3.37
Non-Traditional Markets
Japan 163.85 219.57 34.01 196.30 234.34 19.38 360.15 453.91 26.03
Australia 116.48 124.95 7.27 154.50 169.98 10.02 270.98 294.93 8.84
Russia 62.72 25.13 -59.94 121.95 65.10 -46.61 184.67 90.23 -51.14
India 138.47 213.17 53.95 116.33 183.99 58.16 254.80 397.16 55.87
Korea Rep. 48.90 76.90 57.24 67.62 86.86 28.45 116.53 163.76 40.53
China 41.66 45.33 8.81 24.76 23.98 -3.16 66.42 69.31 4.35
United Arab Emirates 49.34 30.52 -38.14 37.81 55.97 48.02 87.16 86.50 -0.76
Mexico 32.43 57.63 77.70 46.68 58.51 25.36 79.11 116.14 46.82
Malaysia 11.30 23.45 107.49 34.12 66.96 96.27 45.42 90.41 99.06
Saudi Arabia 21.22 17.61 -17.01 28.26 40.81 44.43 49.48 58.43 18.07
Turkey 22.93 40.42 76.27 16.33 28.70 75.73 39.26 69.12 76.05
South Africa 24.14 22.87 -5.27 17.96 16.29 -9.30 42.10 39.16 -6.99
New Zealand 14.26 11.97 -16.01 26.15 28.62 9.42 40.41 40.59 0.45
Chile 21.72 30.19 38.99 29.09 26.84 -7.72 50.81 57.03 12.25
Brazil 17.02 18.68 9.79 9.30 13.15 41.35 26.32 31.83 20.94
Other Countries 104.18 198.59 90.61 155.37 192.94 24.18 259.56 391.53 50.85
Total (Non-Trad. Markets) 890.63 1,156.97 29.90 1,082.54 1,293.05 19.451,973.17 2,450.03 24.17
% of Non-Traditional 16.46 18.58 15.01 16.74 15.63 17.56
GRAND TOTAL 5,411.08 6,227.22 15.08 7,210.07 7,725.12 7.14 12,621.15 13,952.34 10.55

 

Source: EPB, Compiled by: RDTI Cell, BGMEA