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RMG exports to non-traditional markets increased by 23pc in July 2023

12 Aug

RMG exports to non-traditional markets increased by 23pc in July 2023

RMG exports to the United States, the largest export destination for Bangladesh, has increased by 6.31% in July of the fiscal 2023-24 to USD 729.03 million, from USD 685.77 million in the corresponding month of the previous fiscal , according to recent statistics of the Export Promotion Bureau (EPB). During the first month of the fiscal year 2023-24, our clothing export to the EU market grew by 17.40% to USD 1.95 billion from USD 1.66 billion in the same period of last fiscal year. During the mentioned period, our exports to some major markets in the EU region such as Spain, France, Italy, Netherlands and Poland grew by 36.35%, 22.71%, 36.75%, 23.03% and 18.07% respectively.

However, our export to Germany, the second largest export destination for Bangladesh, saw 0.70% year-over-year negative growth and reached USD 514 million. At the same time, exports to Finland, Cyprus, Czech Republic, Estonia, Lithuania, Malta, and Slovakia have declined significantly. During July, FY23, exports to the UK and Canada reached USD 475.54 million and USD 128.89 million, with 29.78% and 14.78% year-on-year growth respectively.

At the same time, apparel exports to the non-traditional markets also increased by 23.75% and reached USD 674.82 million. Among the major non-traditional markets, exports to Japan, Australia, India and South Korea increased by 49.99%, 55.73%, 2.60% and 19.59% respectively.