Bangladesh’s RMG export to non-traditional market grew 28.75% in 2012-13

Market News

Bangladesh’s RMG export to non-traditional market grew 28.75% in 2012-13

Bangladesh’s Ready Made Garments (RMG) exports to Non-Traditional Markets (NTM) registered US$ 2974.04 million during FY 2012-13 (July-June). The exports in value terms witnessed significant jump of 28.75% over the FY 2011-12 period that measured US$ 2309.88 million as per figures compiled by BGMEA (Bangladesh Garment Manufacturers and Exporters Associations). The countries included in NTM are Australia, Brazil, Chile, China, India, Japan, Korea Rep, Mexico, Russia, South Africa, Turkey and other small countries.

EU and USA are the major markets for Bangladesh’s RMG exports that constitute just over 80% of the share. In FY 2012-13, USA accounted for 23.22% of share in the total RMG exports which was valued at US$ 4996.58 million while EU markets have share of 58.40% or US$ 12564.85 million. Countries under NTM contributed 13.82% to the total RMG exports.

RMG exports to NTM countries are growing at an exponential rate since the country has started focusing on alternative markets as the traditional markets witnessed negative growth during FY 2009-10 due to the recessions. The Bangladeshi Government and industry associations namely BGMEA and BKMEA have taken up a series of activities in the NTM countries to promote the country’s products including bilateral trade ties which are delivering results. Bangladesh’s total RMG export grew 12.75% in FY 2012-13 over the same period last year. Among the NTM countries, Japan, Australia and Turkey were the top three export destinations with export value of US$ 478.48 million US$ 428.44 million, and US$ 415.31 million respectively.