RMG exports to EU drop by 20.65pc in 2023

A file picture reveals staff stitching garments at a garment manufacturing facility on the outskirts of Dhaka. Bangladesh’s attire exports to the European Union in 2023 declined by 20.65 per cent in worth and by 16.53 per cent in quantity as the general demand for clothes decreased within the financial bloc as a consequence of excessive inflation. — New Age picture

Bangladesh’s attire exports to the European Union in 2023 declined by 20.65 per cent in worth and by 16.53 per cent in quantity as the general demand for clothes decreased within the financial bloc as a consequence of excessive inflation.

The nation’s attire exports to the EU in 2023 fell to 17.39 billion euros in contrast with these of 21.91 billon euros in 2022, in accordance with the information launched from Eurostat, statistical workplace of the European Union.

When it comes to amount, Bangladesh’s RMG exports to the EU in 2023 decreased to 11.14 billion kilograms in contrast with these of 13.34 billion kilograms in 2022.

The readymade garment imports by the EU from completely different nations in 2023 fell by 16.22 per cent to 83.19 billion euros in contrast with these of 99.29 billon euros in 2022.

Exporters mentioned {that a} slowdown in international demand was mirrored within the EU information.

They mentioned that the general demand for clothes declined within the EU and the US as a consequence of excessive inflation brought on by the Russia-Ukraine struggle.

Exporters additionally mentioned that the scenario began bettering this yr.

The info confirmed that attire imports by the EU from China in 2023 declined by 21.54 per cent to 22.73 billion euros in contrast with these of 28.98 billion euros in 2022.

Though China remained as the highest attire exporter within the EU in worth, the European Union official information confirmed that, when it comes to quantity, Bangladesh’s place remained unchanged as the very best RMG exporter out there in 2023.

Bangladesh emerged as the highest attire exporters when it comes to quantity within the EU nations in 2022.

The nation’s clothes exports to the EU in 2023 stood at 11.14 billion kilograms whereas these of China had been 11.10 billion kilograms.

Bangladesh’s knitwear exports to the EU in 2023 stood at 7.40 billion kilograms whereas these of China had been 6.19 billion kilograms.

The nation’s woven garment exports to the EU in 2023 stood at 3.73 billion kilograms in opposition to China’s exports of 4.90 billion kilograms within the yr.

Former Bangladesh Knitwear Producers and Exporters Affiliation president Fazlul Hoque on Sunday advised New Age that exports to the EU declined as a consequence of an financial slowdown out there.

He mentioned that the true image of Bangladesh’s RMG exports was mirrored within the Eurostat information and the Export Promotion Bureau of Bangladesh ought to be extra cautious in getting ready export information.

Fazlul mentioned that export orders began growing slowly this yr and the rise can be mirrored within the export information after just a few months.

Former Bangladesh Garment Producers and Exporters Affiliation vice-president Mahmud Hasan Khan Babu mentioned that the demand for attire decreased within the EU and the US markets due primarily to inflation.

Though Bangladesh’s exports to the EU decreased it maintained an encouraging progress within the new markets, he mentioned.

Attire imports of the EU from Turkey in 2023 declined by 13.23 per cent to 9.93 billion euros in contrast with these of 11.45 billion euros in 2022, the EU information confirmed.

India’s RMG exports to the EU in 2023 additionally fell by 13.12 per cent to 4.04 billion euros in contrast with these of 4.65 billon euros in 2022.

Attire imports of the EU from Vietnam in 2023 fell by 14.68 per cent to three.78 billion euros in contrast with these of 4.43 billion euros in 2022.

RMG exports of Cambodia to the EU in 2023 additionally declined by 13.38 per cent to three.20 billion euros in contrast with these of three.70 billion euros in 2022.

Attire imports of the EU from Pakistan in 2023 fell by 18.3 per cent to three.10 billion euros in contrast with these of three.79 billion euros in 2022.