RMG export to EU reaches $5.51b in 1st quarter

Country’s export earnings from RMG in the European Union market during the first quarter (July-September) period of the current fiscal year (FY24) reached $5.51 billion with 11.47 percent growth compared to the same period of the previous fiscal year (FY23).

As per the latest statistics of the Export Promotion Bureau (EPB), country’s RMG export to Spain, France, Netherlands and Italy showed 23.26 percent, 8.67 percent, 18.97 percent and 23.22 percent growth respectively.

On the other hand, Germany, the largest export market in the EU, declined by 4.41 percent with an amount of $1.45 billion compared to the July-September period of the previous fiscal year (FY23).

During this three-month period, RMG export to USA stood at $2.07 billion with 2.77 percent year on year growth. At the same time, export to UK and Canada reached $1.45 billion and $352.86 million, with 21.35 percent and 5.44 percent growth respectively.

During this July-September period of the current fiscal year, the apparel export to non-traditional markets grew by 24.93 percent to $2.24 billion from $1.80 billion in the corresponding period of the previous year.

Among the major non-traditional markets, export to Japan, Australia and South Korea increased by 39.44 percent, 54.11 percent and 37.01 percent respectively.

However, apparel export to India during this three-month period declined by 7.69 percent.

Talking to the BSS, BGMEA Director Mohiuddin Rubel, also the Additional Managing Director, Denim Expert Limited, said that although there was increase in the export earnings from RMG during this period, but the number of orders has dropped side by side the production cost coupled with the utility bills have increased.

He said that there is no alternative to raising the orders to have a successful turnaround of the RMG sector amid the global uncertainties.

Noting that the country’s RMG sector has now become more compliant having enough technological support and skilled manpower, Rubel expressed his optimism that this apparel sector would fare better in the coming days.

Referring to the performances of the RMG items in the non-traditional market, he said that the exporters are being encouraged to raise their exports in the non-traditional market to increase the overall export earnings.

The BGMEA director also stressed the need for keeping up the growth momentum in the USA and UK market as well as attaining positive growth again from the apparel markets of Germany and India. (BSS)