Bangladesh's garment exports to EU drop by 1.24% YoY in H1 FY24

The reason is a fall in overall imports by the EU, especially Germany, as the purchasing power of customers in the bloc has waned for various reasons, said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

After importing a decent amount of apparel in 2022, inventories still remain in the EU stock, and that is one reason why the EU is importing less from Bangladesh and other apparel exporters, including China and Vietnam, Hassan said.

The country’s apparel exports to Spain, France, the Netherlands and Poland during the first half rose by 6.56 per cent, 2.15 per cent, 9.11 per cent and 19.14 per cent respectively, data from the Export Promotion Bureau show. But exports to Italy fell by nearly 3.9 per cent during the period.

Germany imported the highest—apparel worth $2.86 billion, 17 per cent less YoY, domestic media outlets in Bangladesh reported.

The country’s RMG exports to Canada also dropped by 4.16 per cent to around $742 million in the July-December period. Exports to the United States, however, rose by 5.7 per cent to over $4 billion.

The United Kingdom imported garments from Bangladesh worth $2.71 billion—a 13.24 per cent YoY growth.

The country’s exports to non-traditional markets in the July-December period grew by around 12.3 per cent to $4.53 billion, with a nearly 10 per cent YoY rise to Japan, 24.7 per cent YoY increase to Australia and over 19 per cent YoY rise to South Korea.

Fibre2Fashion News Desk (DS)