Garment exports to Bangladesh’s main destination, the United States, rose 51.57% year-on-year to $9.01 billion in the just-ended fiscal year.
Germany remained the second largest export destination, with Bangladesh shipping $7.16 billion worth of garments to the Central European country, registering a 27.74% year-on-year growth, according to data. Export Promotion Bureau (EPB) data.
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Apparel shipments to the European Union (EU), the world’s largest apparel importer, increased 33.87% year-on-year to $21.04 billion last fiscal year.
Exports to the UK rose 30.56% year-on-year to $4.49 billion and to Canada by 33.22% to $1.32 billion, the data showed.
Apparel shipments to non-traditional markets increased 25.4% to $6.37 billion in the fiscal year just ended.
All countries other than the US, UK, EU and Canada are non-traditional markets for Bangladesh.
Among non-traditional markets, shipments to Japan only crossed the $1 billion mark, reaching $1.09 billion.
Apparel shipments to Australia were $812.24 million, India $715.41 million, Russia $583.78 million and China $222.33 million.
Bangladesh’s apparel exports to the US could top $10 billion by the end of FY2023 as shipments to US markets are still good despite the risk of the region being hit by inflation in near future, said Faruque Hassan, president of Bangladesh Garment Manufacturers. and the Association of Exporters.
EU markets are also showing very positive signs and EU earnings are expected to see double-digit growth at the end of the current financial year, he also said.