Bangladesh managed to boost its apparel exports to non-traditional areas by 32.19 percent to $4.04 billion from$3.05 million during the same period last fiscal year. Japan led the growth where exports increased by 42.54 percent to $754.7 million.
The inroads in non-traditional markets shielded Bangladesh from depression in Western markets. The United States is Bangladesh’s largest apparel market exports inched up to $4.28 billion during July-December, depicting a nominal growth of 1.11 percent.
Bangladesh’s penetration into India’s garment market is creating waves. India competes with Bangladesh in the global markets. Its robust growth in India speaks volumes of its competence in the apparel sector. In the first six months of this fiscal Bangladesh registered over a 50 percent increase in readymade garment exports to India clocking $550. During the same period of the previous fiscal year, Bangladesh’s exports stood at $365.9 million.
During the same period, its knitwear exports to India reached $253.1 million which is 56.56 percent higher than the same period of the previous year. Its woven garment exports increased by 44.80 percent to $295.7 million. The data released by the Export Promotion Bureau of Bangladesh shows that in July 2023 (the first month of this fiscal year) Bangladesh’s exports to India reached$152 million, in August the exports jumped to $222.4 million, increasing again in September to$240 million. Exports Oct-Dec declined in line with the general decline in the global textile trade. The exports in this quarter were $525.9 million compared with $614.4 million in July & August quarters.
In these six months, Bangladesh’s total export to India reached $1.14 billion, which is 7.31 percent higher than the same period of last financial year. These exports account for 4.17 percent of the country’s total export earnings.
