Bangladesh RMG Export Increases 24% in Non-traditional Market

In the first six months (July-December) of FY2021-2022, RMG exports in the non-traditional market have increased by 24.26%. Bangladesh fetched $3.06 billion by exporting garment products in the non-traditional market, according to the latest statistics of the Export Promotion Bureau.

$3.06 billion

Earned in the non-traditional market

The primary cause for this increase is improvement in the Covid-19 situation. This resulted in a large increase in orders. Additionally, cash incentives and duty-free market facilities are playing a significant role in boosting RMG exports to the new markets. Furthermore, entrepreneurs are interested in expanding RMG export markets. The international retailers and brands have been coming up with loads of work orders with the strong reopening of their economies.

New Markets

The traditional garment export markets include the U.S., Canada, and Europe. Several other nations are now being considered as new garment export markets, such as Chile, China, Japan, India, Australia, Brazil, Mexico, Turkey, South Africa, and Russia. RMG exports to the new markets have been boosted significantly by cash incentives and duty-free market facilities.

According to the EPB data, garment products worth $529 million were exported to Japan. In the same period, Russia imported garments worth $341 million from Bangladesh. Similarly, Chile imported clothes from Bangladesh worth $82 million.