According to data compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh's garment export to India has crossed the $1 billion mark for the first time in the fiscal year 2022-23. The shipments experienced a remarkable 42 percent year-on-year increase, reaching $1,012 million during the July-June period. 

The duty-free benefit under the South Asian Free Trade Area has significantly contributed to the recent growth, with exports nearly doubling from $421 million in fiscal year 2020-21 to the current level. 

Furthermore, Bangladesh's garment exports to Australia also reached the $1 billion milestone in the last fiscal year, demonstrating the potential for further expansion in that market. 

Additionally, Japan has emerged as a promising destination, with shipments surging 46 percent year-on-year to $1,599 million in fiscal year 2022-23. Despite slower exports to traditional markets, such as the European Union, the United States, and the United Kingdom, Bangladesh experienced a notable 31 percent year-on-year growth in garment exports to non-traditional markets. 

This expansion accounted for 18 percent of the total receipts of approximately $47 billion in fiscal year 2022-23, reflecting a three-percentage point increase from the previous year. Factors like high inflation, overstocking of apparel, and the impact of the Ukrainian war were cited as reasons behind the slowdown in traditional market exports, according to Mohiuddin Rubel, a director of the BGMEA.