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.
Apparel Exports to US and Germany Decline
Industry: RMG, RMG & Textile
Economic Tag: Export
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