RMG exports to non-traditional markets rise
Garment exports to non-traditional markets grew 6.79 percent year-on-year to $6.04 billion in the July-May period of the outgoing fiscal year, according to data from the Export Promotion Bureau compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
All destinations except the European Union, the United States, Canada, and the United Kingdom are considered non-traditional markets.
For all latest news, follow The Daily Star's Google News channel. Among these markets, exports to India rose by 17.35 percent, Turkey by 31.75 percent, and Japan by 10.32 percent.
However, shipments to Russia, South Korea, the United Arab Emirates, and Malaysia declined during the period.
The European Union remained the largest destination for Bangladesh's readymade garment (RMG) exports, accounting for 49.91 percent of total shipments, or $18.25 billion.
The United States followed with exports worth $7.03 billion, reflecting a 19.23 percent increase. Canada and the UK contributed $1.20 billion and $4.04 billion, respectively.
Year-on-year, RMG exports to the EU, US, and Canada rose by 10.46 percent, 15.97 percent, and 14.14 percent, respectively. The UK registered more modest growth of 3.96 percent.
Within the EU, Germany was the top export destination, with shipments amounting to $4.58 billion, followed by Spain at $3.16 billion and France at $2.00 billion, the data showed.
Meanwhile, the knitwear segment of the garment sector posted robust 10.98 percent growth, while woven garment exports increased by 9.30 percent.
Overall, RMG exports reached $36.56 billion in the July-May period, up 10.20 percent from the same period a year ago.
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