Despite a decline in major export markets for the country’s ready-made garment sector, there is a noteworthy increase in exports to the non-traditional markets. The Export Promotion Bureau (EPB) recently released country-wise export data for the months of July to May, covering the fiscal year 2022-23.
According to the EPB data, total garment exports during the July-May period of the 2022-23 financial year amounted to $42,630 million, registering a growth of 10.67% compared to the same period in the previous year. Export earnings from non-traditional markets witnessed a substantial increase of about 32.74%.
Notably, the two largest markets, the United States and Germany, experienced negative growth in export earnings during this period. However, markets such as Japan, Australia, and Malaysia demonstrated an increase in export income. Additionally, the Canadian market continued to exhibit positive growth. Meanwhile, exports to the European market accounted for $21,220 million, representing approximately 50% of the total exports.
Germany witnessed a decline of 7.22% in export earnings, generating an income of $6,030 million. Similarly, the US market experienced a 5% decrease, with export earnings amounting to $7,730 million, compared to $8,140 million in the previous fiscal year.
Meanwhile, statistics on export earnings from non-traditional markets indicated a significant increase of around 32.74% during the July-May period of the fiscal year 2022-23. Noteworthy growth was observed in Japan, Australia, India, Malaysia, Turkey, Saudi Arabia, and Brazil. Japan recorded a growth rate of 45.80% with an income of about $1,460 million.
