Based on the official data, the total RMG export value from Bangladesh to all countries for January- February 2024 reached US$ 9.47 billion, which is a 13.15% increase compared to the same period in 2023. However, in terms of the fiscal year, our exports during July-February of FY2023-24 posted an average growth of 4.77%, showing that the first 6 months of the fiscal (i.e. July-Dec 2023) were quite challenging, and exports have started rebounding since January this year. Previously I shared with you a few data and analyses on the latest holiday sales in our major markets, especially in the U.S. and U.K., indicating a much-awaited comeback of the retail business in 2024.
However, Germany, being the major market in the EU, has been showing a continuous decline during the past few months. Apart from that, exports to France, Spain, and Italy showed positive growth. France reached US$ 536.90 million (12.35% growth), Spain reached US$ 737.86 million (14.28% growth) and Italy reached US$ 456.48 million (6.84% growth) during January-February 2024. Denmark’s exports also showed positive growth, reaching US$ 383.74 million (60.07% growth) during January-February 2024 compared to January-February 2023. The USA remains the largest export destination for Bangladesh’s RMG exports, accounting for 15.10% of the total export value in January-February 2024. The EU follows closely behind at 51.54% of the total export value.
After the consecutive declines in export growth to the USA in 2023, exports in January-February 2024 grew by 7.42%, i.e. from US$ 1.33 billion in January-February 2023 to US$ 1.43 billion January-February in 2024. On the other hand, exports to Canada grew by 24.19% and exports to the UK grew by 18.13% during the same period. This suggests that Canada and the UK are growing faster.
It is particularly noteworthy that exports to non-traditional markets have seen significant growth. In the mentioned 2 months, exports to non-traditional markets increased from US$ 1.64 billion in January-February 2023 to US$ 1.76 billion in January-February 2024. Markets posted significant growth include Turkey (79.70% growth), Saudi Arabia (63.61% growth), China (45.61% growth), United Arab Emirates
(34.44% growth), Russia (18.49% growth), Australia (14.33% growth), and the Korean Republic (13.49% growth).
I would like to extend my deepest gratitude and thanks to my fellow entrepreneurs for their visionary move leading such a crucial transition in our export market composition. BGMEA has always been playing a proactive role in fostering market diversification. In the past 3 years, I and my Board have worked extensively to further accelerate the momentum in market exploration. We tried to send the message to the world that Bangladesh is now better equipped to cater to the need for diverse items including premium products.
The Made in Bangladesh Week in 2022 and the Bangladesh Apparel Summit in Melbourne in 2023, are some of the steps we took to further explore our share in the global markets, in addition to our relentless efforts under the Apparel Diplomacy initiative. We understand the continued growth in our nontraditional markets reflects, to a certain extent, the efforts BGMEA has made to engage with buyers & stakeholders in different countries through bilateral visits, roadshows, and exchanges with government officials. More opportunities are awaiting as the trend reflects.
