Apparel export to US increases by 51.57%: EPB
The United States remained the top apparel export destination for Bangladesh, gaining $9.01 billion in the fiscal year 2021-22 with 51.57% growth compared to the last fiscal, according to country-wise export statistics released by Export Promotion Bureau (EPB).
Also, export to the European Union, the largest apparel importer in the world increased by 33.87% to $21.04 billion in FY2021-22 from $15.99 billion in FY2020-21.
Germany, the largest apparel export market for Bangladesh in the EU region showed 27.74% year-on-year growth. Bangladesh exported $7.16 billion worth of apparel to Germany.
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Exports to other major EU markets such as Spain, France, Italy, Poland, and Netherland have shown strong positive growth. Bangladesh's export to UK and Canada also grew by 30.56% and 33.22% respectively.
At the same time, the year-on-year comparison shows that export to the non-traditional market increased by 25.40% in FY2021-22. Among the major non-traditional markets, China and Russia have shown negative growths of 18.04% and 1.67% respectively.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Mohiuddin Rubel said, "Even though the overall export in our major markets has shown a positive growth trend, trade dynamics will see a sharp shift in coming days in the post-Covid world and amid geo-political tension created by the Ukraine conflict."
"The ongoing recession foreshadows a depressing outlook for the global economy in future which is concerning for us. So, we should not be overwhelmed, rather need to be cautiously optimistic," he added.
