Bangladesh RMG unit prices increased during July –May 2022-23 in both the US and EU markets despite a record-high inflation in both the countries.
Both the market play a paramount role in Bangladesh’s apparel exports, as the EU holding 50 per cent and the US holding a 21 per cent growth share during the July-May period of the current fiscal year.
However, both the US and the EU, along with most of the other nations are witnessing a hike in commodities due to the Russia-Ukraine conflict. In the US market, in April alone, the consumer price index (CPI) had risen to 8.3 per cent year-over-year. While, according to Eurostat, the statistical office of the European Union, EU area annual inflation was 8.1 per cent in May 2022.
In spite of this scenario, Bangladesh’s apparel unit price increased significantly by 6.5 per cent in the US and 10.7 per cent in the EU market which is a great boost for the Bangladesh RMG.