Despite the economic slowdown resulting from the Russia-Ukraine war, Bangladesh’s apparel exports experienced a significant surge in European markets during the fiscal year 2022-23. According to the Export Promotion Bureau (EPB), apparel exports to European Union countries witnessed a year-on-year growth of 9.93 per cent, reaching approximately US $ 23.52 billion in the fiscal year 2022-23. In FY ’23, the UK market not only witnessed a remarkable year-on-year growth of 11.78 per cent, surpassing the US $ 5 billion mark but also exceeded the previous fiscal year’s earnings of US $ 4.50 billion. However, despite these factors, the overall volume of apparel exports remained low year-on-year in FY ’23. Bangladesh’s apparel exports to non-traditional markets surged by 31.38 per cent to $8.37 billion in FY ’23, accounting for 17.82 per cent of total shipments.

Source: Dhaka Tribune July 12, 2023 11:48 UTC