B Mirror Desk:  Bangladesh’s ready-made garment exports to non-traditional or new markets are increasing. However, the growth rate of ready-made garment exports in new markets is much lower than in major markets like the European Union (EU), the United States, and Canada. In the first 9 months of the current fiscal year 2024-25 (July-March), ready-made garment exports worth $5.12 billion were exported to new markets.

This is 6.66 percent more than the $4.8 billion exported in the same period of the previous fiscal year. However, so far in the current fiscal year, ready-made garment exports have grown by 11 percent to the EU, 17 percent to the US, and 15 percent to Canada. The Bangladesh Garment Manufacturers Association (BGMEA) has analyzed data from the Export Promotion Bureau (EPB).

According to the data provided by them, ready-made garments worth $3.25 billion were exported in the first nine months of the current fiscal year. Of this, 50 IDLC Finance again posts a profit of Tk 200 cr percent went to the EU, 19 percent to the US, 11 percent to the UK, 3 percent to Canada, and 17 percent to new markets. Among the new markets, ready-made garment exports to Russia, South Korea, Malaysia and the United Arab Emirates (UAE) have decreased. On the other hand, export growth to Australia and China has been very low. As a result, overall ready-made garment exports to new markets have decreased. Japan is the largest market for Bangladesh’s exports. In the first nine months of the current fiscal year, Bangladesh exported $960 million worth of ready-made garments to this market. This is 10 percent more than the previous year. The second largest market is Australia, where ready-made garments worth $650 million were exported during JulyMarch of the current fiscal year.

This represents a growth of 1.97 percent. India is the third top new market for Bangladesh’s ready-made garments. In the first 9 months of the current fiscal year, 540 million readymade garments were exported to the country. This export is 20.45 percent more than the same period last year. The fourth top new market is Turkey. In the first 9 months of the current fiscal year, the country exported ready-made garments worth 357.2 million dollars. In this case, exports increased by 32.54 percent. Close to Turkey, ready-made garments were exported to South Korea, 355.4 million dollars.

This export is 4.67 percent less than the same period last year. According to BGMEA, ready-made garment exports to the Russian market have decreased by 10.85 percent. Ready-made garments worth $250 million were exported to this market in the nine months from July to March of the current fiscal year. Ready-made garments worth $280 million were exported during the same period last year. US President Donald Trump has imposed retaliatory tariffs on various countries. As part of this, an additional 37 percent has been imposed on Bangladeshi products. Although Trump has suspended the retaliatory tariffs for 90 days, a minimum 10 percent retaliatory tariff has already been implemented. In such a context, prominent economists in the country are advising to focus on new markets to increase product exports. Mostafizur Rahman, a distinguished fellow at the private research institute CPD, said in a dialogue last Thursday that there is a big market in Asia. China imports goods worth $2.8 trillion annually. India imports goods worth $7.5 billion. Bangladesh has so far exported less than $1 billion to China and $2 billion to India. If attention is paid to this area, it is possible to reduce dependence on countries like the United States by diversifying products and markets