Bizdata Insights Main Logo

Apparel Exports to US and Germany Decline

Industry: RMG, RMG & Textile
Economic Tag: Export

Bangladesh’s apparel exports to major western markets, including the United States and Germany, have declined due to a decrease in clothing consumption resulting from high inflation. According to Export Promotion Bureau data, Bangladesh’s apparel exports to the US and Germany in July-April of FY23 fell by 7.13% and 7.33%, respectively. In contrast, the country’s apparel exports to non-traditional markets, such as India, Japan, and South Korea, increased by 30.80% in the first 10 months of FY23. Bangladesh’s apparel exports to the UK, the third-largest market for the country, also rose by 10.88% to $4.19 billion in the same period. Faruque Hassan, the Bangladesh Garment Manufacturers and Exporters Association president, said that there is significant potential to grow the exports of Bangladeshi apparel on the Asian market, and the BGMEA is working on it.

Source for more details:

Related News

Islamic Banks Face Dwindling Trade with 39% Export Drop

December 5, 2023

Trade through Bangladesh's 10 Shariah-compliant banks is dwindling, with loans surpassing deposits, creating liquidity challenges. Exports facilitated by these banks dropped by almost 39% in Q2, contrasting the nation's overall export growth of 7%.

Exports Surge to $22.2 Billion

December 5, 2023

In the first five months of fiscal year 2024 (July-November), the country's export earnings reached $22,232.28 million, marking a 1.30% increase compared to the same period in the previous fiscal year. However, November alone saw a 6.05% decline in export earnings, totaling $4,784.81 million.

Loopdot Fashion’s $6.8 Million Export Fraud Exposed

December 2, 2023

A major export fraud involving Loopdot Fashion Limited in Mymensingh, Bangladesh, has been exposed, with 225 consignments of garments falsely exported, totaling $6.8 million or 75 million taka. The fraud was revealed during the seizure of two consignments

EU Directive Poses Challenges for BD’s Textile Industry

December 2, 2023

Bangladesh's garment and textile industry, which heavily relies on European Union (EU) exports, faces potential challenges if the EU approves the Corporate Sustainability Due Diligence Directive (CSDDD).

Bangladesh Now Holds 204 LEED-Certified Apparel Factories

December 2, 2023

Bangladesh has solidified its global leadership in environmentally-friendly apparel factories, as 204 factories in the country now hold LEED certification from the United States Green Building Council (USGBC). In December, "Integra Dresses Limited" in Gazipur achieved gold-level certification, bringing the total to 27 green building certifications in 2022, with 13 in the platinum category – the highest level.

Ring Shine Reports Record Loss of Tk 1.25 Billion

November 29, 2023

Ring Shine Textiles, facing uncertainty over its ownership transfer to Wise Star Textile and five Singaporean entities, reported a record loss of Tk 1.25 billion in FY23. The cumulative losses over the past three fiscal years amount to Tk 2.91 billion.

Related News

Islamic Banks Face Dwindling Trade with 39% Export Drop

December 5, 2023

Trade through Bangladesh's 10 Shariah-compliant banks is dwindling, with loans surpassing deposits, creating liquidity challenges. Exports facilitated by these banks dropped by almost 39% in Q2, contrasting the nation's overall export growth of 7%.

Exports Surge to $22.2 Billion

December 5, 2023

In the first five months of fiscal year 2024 (July-November), the country's export earnings reached $22,232.28 million, marking a 1.30% increase compared to the same period in the previous fiscal year. However, November alone saw a 6.05% decline in export earnings, totaling $4,784.81 million.

Loopdot Fashion’s $6.8 Million Export Fraud Exposed

December 2, 2023

A major export fraud involving Loopdot Fashion Limited in Mymensingh, Bangladesh, has been exposed, with 225 consignments of garments falsely exported, totaling $6.8 million or 75 million taka. The fraud was revealed during the seizure of two consignments

EU Directive Poses Challenges for BD’s Textile Industry

December 2, 2023

Bangladesh's garment and textile industry, which heavily relies on European Union (EU) exports, faces potential challenges if the EU approves the Corporate Sustainability Due Diligence Directive (CSDDD).

Bangladesh Now Holds 204 LEED-Certified Apparel Factories

December 2, 2023

Bangladesh has solidified its global leadership in environmentally-friendly apparel factories, as 204 factories in the country now hold LEED certification from the United States Green Building Council (USGBC). In December, "Integra Dresses Limited" in Gazipur achieved gold-level certification, bringing the total to 27 green building certifications in 2022, with 13 in the platinum category – the highest level.

Ring Shine Reports Record Loss of Tk 1.25 Billion

November 29, 2023

Ring Shine Textiles, facing uncertainty over its ownership transfer to Wise Star Textile and five Singaporean entities, reported a record loss of Tk 1.25 billion in FY23. The cumulative losses over the past three fiscal years amount to Tk 2.91 billion.

Shopping cart

0
image/svg+xml

No products in the cart.

Continue Shopping

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here