The country’s export of Readymade Garment (RMG) in non-traditional markets (Except India) surged 6.47 per cent in the first 11 months (July-May) of the outgoing 2023-24 fiscal year. All countries excluding the European Union (EU), the United States (US), the United Kingdom (UK) and Canada are considered non-traditional markets of Bangladeshi RMG. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) hoped that RMG export would increase more in non-traditional markets.
According to the Export Promotion Bureau (EPB), Bangladesh’s RMG export in non-traditional markets increased 6.47 per cent in the first 11 months of the 2023-24 fiscal year. It reached $819 crore which was $769 crore during the same period of the previous fiscal year. On the other hand, RMG exports in neighbouring country India declined 23.11 per cent and reached $72.88 crore in the first 11 months of the 2023-24 fiscal which was $94.78 crore during the same period of the previous fiscal year.
Bangladesh earned 18.67 per cent of the total export earnings from the new markets. The overall RGM export earnings increased by 2.86 per cent. The country earned $4,385.60 crore in the first 11 months of the last fiscal year which was $4,263.30 crore during the same period of the previous fiscal, said the EPB data.
Contacted, BGMEA president SM Mannan Kochi said, “We are hopeful that our RMG export will increase further in non-traditional markets. Exporters are getting a good price in these (Non-traditional) markets.”
The Indian government announced big incentives for the RMG sector in some states as they can participate more in the global markets. Indian entrepreneurs have already started increasing their RMG production capacity with the help of the government. On the other hand, in recent times, Bangladesh has been struggling in the main RMG markets including the EU, the US and Canada, he opined.
The RMG export in the EU increased by 2 per cent and stood at $2,165 crore from July-May of the 2023-24 fiscal while it declined by 3.43 per cent and stood at $748 crore in the US during the same period of the previous fiscal year.
Among the non-traditional markets, Bangladesh’s highest export earnings came from Japan. Bangladesh earned $148.46 crore during the 2023-24 fiscal which was $145.79 crore in the 2022-23 fiscal year. The amount increased to 1.83 per cent.
Bangladesh exported RMG products in Australia worth $118 crore during July-May of the last year which was $106 crore during the same period of the 2022-23 fiscal. The country earned $57.28 crore in the 2023-24 fiscal by exporting RMG products to South Korea which is 14.34 per cent more than the previous year.
According to the EPB, Bangladesh exported RMG worth $46.23 crore in Russia, and $31.5 crore in China during the first 11 months of the 2022-23 fiscal. On the other hand, the country exported RMG products worth $36.89 crore in the United Arab Emirates, and $27.30 crore in Saudi Arabia during the first 11 months of the 2023-24 fiscal. During the two periods, export growth has increased in these non-traditional markets.
@ The article was published on print and online versions of The Bangladesh Pratidin on July 1, 2024 and has been rewritten in English by Golam Rosul.
