The United States remained the top apparel export destination for Bangladesh, gaining $9.01 billion in the fiscal year 2021-22 with 51.57% growth compared to the last fiscal, according to country-wise export statistics released by Export Promotion Bureau (EPB).
Also, export to the European Union, the largest apparel importer in the world increased by 33.87% to $21.04 billion in FY2021-22 from $15.99 billion in FY2020-21.
Germany, the largest apparel export market for Bangladesh in the EU region showed 27.74% year-on-year growth. Bangladesh exported $7.16 billion worth of apparel to Germany.
Exports to other major EU markets such as Spain, France, Italy, Poland, and Netherland have shown strong positive growth. Bangladesh's export to UK and Canada also grew by 30.56% and 33.22% respectively.
At the same time, the year-on-year comparison shows that export to the non-traditional market increased by 25.40% in FY2021-22. Among the major non-traditional markets, China and Russia have shown negative growths of 18.04% and 1.67% respectively.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Mohiuddin Rubel said, "Even though the overall export in our major markets has shown a positive growth trend, trade dynamics will see a sharp shift in coming days in the post-Covid world and amid geo-political tension created by the Ukraine conflict."
"The ongoing recession foreshadows a depressing outlook for the global economy in future which is concerning for us. So, we should not be overwhelmed, rather need to be cautiously optimistic," he added.