Bangladesh’s readymade garment exports to the European Union declined 3.39 percent to $3.4 billion in July-August of the current fiscal year 2021-22, from $3.51 billion in the same period of FY 2020-21, as the bloc’s economy continues to recover from the Covid impact.
According to exporters, garment shipments to major EU markets such as Germany, France, Italy, and Poland fell in the first two months of FY22 due to the poor recovery of the economies from the epidemic.
Bangladesh Garment Manufacturers and Exporters Association (RMG) said that exports to the United States, Europe and Canada are still struggling. They said that the EU opened up its business later than the US did due to a pandemic situation. RMG export to Spain in July-August of FY22 increased by 18.41 per cent to $461.55 million from $389.78 million in the same period of FY21.
Apparel export to the US, the largest export destination for Bangladesh, grew by 4.57 per cent to $1.17 billion in July-August of FY22. But apparel exports to Germany, France and Italy fell by 10.25 per cent and 14.83 per cent respectively. Bangladesh Garment Manufacturers and Exporters Association said that the recovery of business in the EU would take time due to pandemic restrictions.