Bangladesh`s top export destination, the USA, has seen an almost twofold increase in garment shipments over the past five years due to the US-China tariff war and the low cost of locally produced clothing.
According to data from the Export Promotion Bureau and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), clothing exports to the USA dropped 8.68 percent year-on-year to $8.27 billion in 2023 after two prosperous years in 2021 and 2022.
The United States received $5.84 billion worth of clothing from Bangladeshi manufacturers in 2018 and over $9 billion in 2022; however, the value of shipments of woven garments dropped the following year.
On the other hand, 2023 saw a little increase in knitwear exports over the prior year.
Exports of ready-made clothing to the European Union (EU) had a significant slowdown last year, with a meager 1.49 percent year-over-year growth, compared to a staggering 28.49 percent in 2022.
The year 2023 saw a $23.38 billion increase in apparel exports to the EU from $23 billion the year before.
According to the BGMEA, it is notable that exports to Germany, the second-largest destination in the world and our top destination within the EU, suffered a notable fall, which led to a considerable setback in our export growth inside the EU.
Bangladesh`s 2023 garment exports to Germany was $6.1 billion, compared to $7.29 billion in 2022.
Along with other EU nations, Lithuania, Malta, Slovakia, and Slovenia also saw negative growth over the previous year.
The UK, Bangladesh`s third-largest export destination, shipped $5.34 billion worth of RMG last year compared to $4.75 billion the year before, maintaining a year-over-year growth of 12.46 percent.
Notably, among significant non-traditional markets, Japan is Bangladesh`s top destination, bringing in $1.68 billion during the time in question, representing a 26.53 percent year-over-year gain.
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