In the first nine months of 2023, Bangladeshi exports of garments to the US witnessed a decline, while those to the European Union, the UK, and Canada reported positive growth.
Between January and September 2023, apparel exports to the US dropped 7.18 percent to $6.30 billion from $6.79 billion in the same period of the previous year. However, clothing shipments to the EU grew to $17.52 billion during the period under review, up 6.40 percent as against $16.47 billion during the comparable months of 2022.
But, within the EU, exports to Germany fell 12.58 percent year on year to $4.68 billion. Other countries in the EU like Lithuania, Malta, Poland, Slovakia, and Slovenia posted a decline in garment exports. Apparel exports to France increased 13.22 percent to $2.15 billion, to Spain rose 20.72 percent to $2.91 billion and those to Italy grew 27.02 percent to $1.60 billion, all climbing from a year ago. Shipments of clothing crossed the $1 billion mark with a 15.26 percent year-over-year growth to Denmark during the review period.
Exports to the UK expanded significantly by 14.92 percent to $4.07 billion, while Canada showed growth of 6.27 percent to $1.12 billion. The South Asian country’s garment exports to non-traditional markets also increased significantly by 28.63 percent to $6.57 billion from $5.11 billion between January and September 2022.
The US remains the biggest market for Bangladeshi clothing exports at 17.7 percent, while the EU accounts for 49.22 percent share, while the UK and Canada account for 11.45 and 3.16 percent share, respectively. In the review period, total apparel exports from Bangladesh reached $35.61 billion compared to $32.99 billion during the same period of 2022, showing a 7.96 percent year-on-year growth.
