Bangladesh’s garment exports to the European Union (EU) rose by 2 percent Y-o-Y to reach $21.64 billion in the July’23-May’24 period of the current fiscal year. The country witnessed significant growth in exports to Spain, France, the Netherlands, Poland, and Denmark, which increased by 6.23 percent, 1.02 percent, 16.27 percent, 17.28 percent, and 26.96 percent, respectively.

However, exports to its largest market in the EU, Germany declinedby 10.12 percent Y-o-Y, as per data from the Export Promotion Bureau, compiled by the Bangladesh Garment Manufacturers and Exporters Association. Exports to Italy also dwindled by of 6.1 percent over the 11-month period ending in May.

In contrast, garment exports to the US fell by 3.43 percent, amounting to $7.46 billion during the same period. Meanwhile, exports to the UK grew by 12.34 percent Y-o-Y to $5.15 billion, and exports to Canada saw a slight decline of 0.31 percent, totaling $1.3 billion.

Despite these mixed results in traditional markets, garment exports to non-traditional markets increased by 6.47 per cent Y-o-Y, reaching $8.18 billion. Notable growth was recorded in shipments to Japan, Australia, and South Korea, which rose by 1.83 percent, 11.76 percent, and 14.34 percent, respectively. Conversely, exports to India decreased significantly by 23.11 percent.