Bangladesh’s garment exports to non-traditional markets increased by 38 per cent to reach earnings of $1.2 billion in the two months of July and August while exports to the European Union market increased by 23.21 per cent in the same period of time.
EU, US and Canada are considered as the traditional markets for garment exports. Other markets outside of this are called new markets or non-traditional markets.
Within the European markets, apparel exports to Germany increased by 16.14 per cent while 24.52 per cent in the Spanish market. Exports to the French market increased by 37.73 per cent. Other EU countries also saw positive growth. In addition to Europe, the country has exported garments worth $1.41 billion in the last two months to the US market, which is 20.52 per cent more than the same period of the previous fiscal year.
Among the non-traditional markets, exports to Japan increased by 25.81 per cent and exports to India increased by 98.92 per cent. However, exports to Russia and China decreased by 58.29 and 13.21 per cent respectively.
The non-traditional market share is now 17 percent which was 15.5 during the same period of the previous financial year. On the other hand, the EU’s share has come down to 48 percent, which was 50 percent in the same period of the previous fiscal year. The share of the United States also decreased from 21 percent to 20 percent.
