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

The 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 per cent growth compared to the same period of the previous fiscal year (FY23).

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

On the other hand, Germany, the largest export market in the EU, declined by 4.41 per cent 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 exports to the US stood at $2.07 billion with 2.77 per cent year-on-year growth. At the same time, exports to the UK and Canada reached $1.45 billion and $352.86 million, with 21.35 per cent and 5.44 per cent growth respectively.

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

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

However, apparel exports to India during this three-month period declined by 7.69 per cent.

Talking to the BSS, BGMEA Director Mohiuddin Rubel, also the Additional Managing Director, Denim Expert Limited, said that although there was an increase in the export earnings from RMG during this period, the number of orders has dropped side by side with 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 to keep up the growth momentum in the USA and UK markets as well as attaining positive growth again from the apparel markets of Germany and India.