The exports of Bangladeshi Ready Made Garment (RMG) showed a healthy growth of 8.84 percent in the last fiscal year (FY25) fetching $39.35 billion despite global headwinds, reports BSS.
The European Union (EU) accounted for 50.10% of Bangladesh’s total RMG exports, which were valued at $19.71 billion, according to the Export Promotion Bureau’s (EPB) country-wise export data for the country’s most recent fiscal year (FY25).
Canada and the UK contributed $1.30 billion (3.31%) and $4.35 billion (11.05%), respectively, to the $7.54 billion (19.18%) in exports to the United States.
Bangladesh’s RMG exports increased 9.10% year over year to the EU, 13.79% to the USA, and 12.07% to Canada.
The country’s RMG exports to UK saw a modest growth of 3.68% in FY25. In the EU, Germany was the largest market for RMG, with exports at $4.95 billion, followed by Spain $3.40 billion, France $2.16 billion, Netherlands $2.09 billion, Poland $1.70 billion, Italy $1.54 billion and Denmark $1.04 billion.
Even, growth rates were high in several EU countries, such as the Netherlands (21.21%), Sweden (16.41%), Poland (9.77%) and Germany (9.47%).
Bangladesh’s RMG exports also saw a 5.61% rise in non-traditional markets, totaling $6.44 billion with a 16.36% market share for Bangladesh.
Japan, Australia, and India were the leading markets in this category, with country’s RMG exports to Turkey seeing 25.62%, India 17.39%, and Japan 9.13% growth rate. However, Bangladeshi apparel exports to Russia, Korea, the UAE, and Malaysia have declined.
In the apparel industry, the knitwear sector has shown a remarkable growth of 9.73%, with the woven sector also experiencing an increase of 7.82%.
Since the onset of COVID-19 pandemic, industry insiders said that the global landscape has taken unexpected turns, presenting the country with a cascade of new challenges each day with new issues.
Bangladesh maintains a strong export record in traditional markets, accounting for an astonishing 84% of all garment exports.
With a current ownership of only 16%, the non-traditional market, however, presents a different picture.
According to the International Trade Centre (ITC), the worldwide clothing business was worth over $500 billion in 2024. About $150 billion of money came from the unconventional market.
Bangladesh, holding a 6% share of the nontraditional market, shows significant potential for expansion. In 2024, Bangladesh contributed 5.50% to Japan’s total imports and 11.53% to Australia’s total imports, indicating a promising trajectory for growth.
Talking to BSS, Mohiuddin Rubel, former director, BGMEA and Managing Director, Bangladesh Apparel Exchange, said that adapting to this dynamic environment underscores the critical need to focus on cultivating fresh markets and products through relentless innovation to maintain the country’s competitive edge.
“Embracing innovation and venturing into new territories is not just a strategic move but a necessity in today’s evolving landscape. Let’s harness this potential and steer our course towards greater market diversification and expansion,” he said.
Rubel, also Additional Managing Director, Denim Expert Ltd. said staying competitive in today’s market goes beyond just pricing.
“To truly stand out, you must maintain competitive advantages over rival countries which are essential to becoming the top choice for your customers. It’s not just about the cost; it’s about offering unique benefits that set you apart and keep you ahead in the game,” he added.
