Bangladesh RMG Export to Non-Traditional RMG Market Growing

Bangladesh RMG exports majority of its products to traditional markets such as US and European Union, however in FY 22 non-traditional exports saw robust growth. Export Promotion Bureau (EPB) data shows that in FY 22 Bangladesh exported apparel items worth 6.37 billion to non-traditional markets, a YoY growth of 25.4%.

Non-traditional markets include Japan, Australia, Russia, India, China, South Korea, UAE, Malaysia, Brazil, Mexico, and other countries.

Total earnings from apparel in FY22 is $42.61 billion, which puts non-traditional market share in total earnings at 14.96%. Among non-traditional export knitwear items export is $4.78 billion and woven items exports is $2.85 billion.

The data also highlights Japan as the highest growing market for RMG export with FY22 export around $1.09 billion, a 16.28% growth.

This data demonstrates Bangladeshi RMG exporters effort of diversifying markets. Entrepreneurs are now taking initiatives to explore new markets and find new products for new markets. Government is also encouraging RMG exporters to diversify markets. RMG manufacturers are now participating in various expos around the world to promote ‘Made In Bangladesh’ tag. Improvements in safety, adding newer technologies have increased investors confidence which is adding new work orders from markets that traditionally do not order apparel from Bangladesh.