Photo : Collected
As per the latest statistics from the Export Promotion Bureau (EPB), during July-May, of FY 2023-24 our RMG export to the European Union reached US$ 21.64 billion, with an increase of 2% compared to the same period of the previous fiscal year. Our exports to Spain, France, Netherlands, Poland and Denmark showed 6.23%, 1.02%, 16.27%, 17.28% and 26.96% growth respectively. However, our apparel exports to Italy declined by 6.10%.
On the other hand, Germany the largest export market in the EU declined by 10.12% with an amount of US$ 5.42 billion compared to the July-May 2022-23.
Our RMG export to U.S.A. reached US$ 7.46 billion in the first ten months of FY2023-24 with a decline by 3.43 %.
At the same time, our exports to U.K. and Canada reached US$ 5.15 billion and US$1.3 billion of FY2023-24 with an increase by 12.34 % and a decline 0.31% Y-O-Y growth respectively.
During July-May, of FY 2023-24, our apparel export to non-traditional markets grew by 6.47% to US$ 8.18 billion from US$ 7.68 billion in the corresponding period of the previous year.
Among the major non-traditional markets, exports to Japan, Australia and South Korea increased by 1.83%, 11.76% and 14.34% respectively. However, our apparel export to India declined by 23.11%.
However, our exports to both traditional and non-traditional markets are not bad, also not up to the mark. We are unable to use the Red Sea due to the Middle East crisis, which has caused an increase in lead time.
Messenger/Mumu
