Bangladesh's garment exports to the European Union grew by 2.99 percent year-on-year to $18.15 billion in the January to November period of 2024.

In terms of volume, apparel shipments to the EU increased by 8.22 percent.

However, the unit price of garments experienced a 4.83 percent year-on-year decline during the 11-month period, offsetting the gains and highlighting the challenges of maintaining profitability amid a downward price trend.

Overall EU imports, standing at $85.36 billion during this period, saw a modest 0.86 percent rise in value but a substantial 8.04 percent increase in volume, according to data from Eurostat.

In this context, Bangladesh outpaced the EU's overall import growth.

Meanwhile, Eurostat data revealed a significant 6.65 percent drop in the average unit prices of garments shipped to the EU.

This downward price pressure significantly impacted major sourcing countries, including Bangladesh.

One key competitor, Cambodia, outshone Bangladesh by posting an exceptional 20.66 percent growth in exports to the EU, although the total volume remained lower at $3.88 billion.

In the 11 months to November last year, China's garment exports to the EU grew by 1.85 percent to $24.04 billion, while India's exports increased by 1.05 percent to $4.23 billion.

Pakistan's shipments rose by 11.69 percent to $3.47 billion, and Vietnam's exports grew by 3.46 percent to $3.94 billion, demonstrating stronger performance.

Turkey and Indonesia, on the other hand, experienced declines in export value, underscoring the intense competition in the sector.