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The export of Bangladeshi apparel in the potential markets increased despite economic turmoil in the Western world. The country exported readymade garments (RMG) worth $837 crore in the potential markets during the 2022-23 fiscal which counted 31 point 38 per cent export growth. Australia, Japan and India are the top countries in these potential markets. Bangladesh achieved a milestone of earning $100 crore from these three countries of the Asia-Pacific region.
Bangladesh’s RMG export in the United States (US) and Germany decreased in the last fiscal year. It exported $851 crore in the 2022-23 fiscal year which was $901 crore in the previous year. Export declined 5.51 per cent in the US during the period.
According to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh earned $837 crore in the potential markets in the 2022-23 fiscal year. The country earned $4,699 in the last fiscal year from which 17.82 per cent of earnings came from the potential markets. In the 2009-10 fiscal, Bangladesh exported $108 crore or 8.66 per cent of the total apparel export in the potential markets. Exporters said Australia, Brazil, Chile, China, India, Japan, Korea, Mexico, Russia, South Africa, the United Arab Emirates, Malaysia, Saudi Arabia, New Zealand and Turkey are potential RMG markets for Bangladesh alongside popular export destinations -- the United States, the European Union and Canada. RMG concerned said export in the potential markets is increasing due to various initiatives for export diversification. The initiative includes market visits, participating in trade shows, cooperation to export in the potential markets and cash incentives.
Post Covid-19 challenge, the Russia-Ukraine war and its global economic impact, high inflation, and high-interest rate have reduced the demand for Bangladeshi apparel in the popular markets. In this perspective, exporters are giving more attention to promising markets.
Bangladesh exported RMG products worth $159 crore in Japan in the 2022-23 fiscal year which is 45 per cent more than the previous year, $115 crore or 42 per cent more in Australia, $101 crore or 41 per cent more in India, and $53.87 lakh in Korea which is 22 per cent more than the previous fiscal year. On the other hand, apparel export in Russia and Chile declined 27 and 11 per cent respectively in the same period. During that time, Bangladesh exported apparel worth $42.63 lakh and $16.31 lakh respectively in Russia and Chile.
BGMEA leaders said the global demand for RMG is changing because of the Russia-Ukraine war, high inflation and economic uncertainty. For this reason, they have been working actively for boosting export earnings in the potential markets. They have also been working to reduce dependency on the existing main apparel markets to bring market variation.
They said they emphasise non-cotton or man-made fibre to keep the export earnings amid economic recession in the EU and the United States.
According to the Export Promotion Bureau (EPB), Bangladesh exported apparel worth $2,140 crore in the EU market in the last fiscal which is 9.93 per cent more than the previous fiscal. However, RMG export decreased in Germany and Poland, two big markets for Bangladeshi products.
@ The article was published on print and online versions of The Bangladesh Pratidin on July 13, 2023 and has been rewritten in English by Golam Rosul.
