Bangladesh’s apparel export to the European Union (EU) has demonstrated positive growth during the January-March period of 2023. The value-wise growth reached 3.9%, amounting to $5.6 billion compared to $5.4 billion in the same period of 2022. With a 24.07% share of the EU’s total ready-made garment (RMG) import in terms of dollar value, Bangladesh remains the second-largest apparel import source for the EU, just behind China, which holds a 24.55% share.
Interestingly, in terms of quantity, Bangladesh has become the number one sourcing country for the EU during the mentioned months in 2023. This achievement follows Bangladesh’s top position in the EU’s apparel sourcing list in 2022 as well. However, there has been a decline of 3.67%, equivalent to 11.84 million kilograms, in the quantity of imports from Bangladesh, primarily attributed to an increase in unit price caused by higher raw materials, transportation, and production costs, which rose by 7.86% in January-March 2023.