Despite worries about the state of the world economy, Bangladesh’s exports of ready-made garments (RMG) grew by 8.84 percent in the fiscal year 2024–2025. The country’s total export earnings in this sector were US$39.35 billion in the just-ended fiscal year.

Bangladesh is dreaming of unorthodox markets, while US President Donald Trump is making things extremely difficult by enacting an additional 35% duty on the importation of goods from Bangladesh. Bangladesh’s exports to non-traditional markets have grown by 5.61 percent, according to the Bangladesh Export Promotion Bureau (EPB). However, Bangladesh has had significant losses in markets like Malaysia, the United Arab Emirates, and Russia, despite the overall increase in exports to unconventional markets. Traders in the ready-made clothing industry have therefore been encouraged to concentrate more on new markets.

According to data released by EPB, the European Union (EU) remains the primary export destination for Bangladesh’s ready-made garments. In the recently concluded fiscal year, Bangladesh’s export revenue in this market amounted to $19.71 billion, representing 50.10 percent of the nation’s total RMG exports.

Conversely, export earnings from the United States reached $7.54 billion, accounting for 19.18 percent of total exports. Additionally, products valued at $1.30 billion and $4.35 billion were shipped to Canada and the United Kingdom, respectively.

In the 2024-25 fiscal year, export growth to the EU market was recorded at 9.10 percent, while growth to the United States was 13.79 percent and to Canada was 12.07 percent. Furthermore, the United Kingdom experienced an export growth of 3.68 percent.

Germany stands as Bangladesh’s largest market within the European Union, generating export revenue of $4.95 billion. Following Germany are Spain ($3.40 billion), France ($2.16 billion), the Netherlands ($2.09 billion), Poland ($1.70 billion), Italy ($1.54 billion), and Denmark ($1.04 billion).

Several European nations have experienced notable growth, including the Netherlands at 21.21 percent, Sweden at 16.41 percent, Poland at 9.77 percent, and Germany at 9.47 percent.

Meanwhile, Bangladesh’s overall RMG exports to non-traditional markets rose by 5.61 percent, with total export earnings reaching $6.44 billion, which constitutes 16.36 percent of the country’s total export earnings. Japan, Australia, and India play significant roles in these markets. Among these, exports to Turkey surged by 25.62 percent, exports to India increased by 17.39 percent, and exports to Japan grew by 9.13 percent.

Experts say that it will not be possible to survive in this market by simply providing clothing at low prices. Rather, high-quality and newly designed clothing, sustainable production systems and cost-effective yet environmentally friendly processes will have to be the main areas of competition in the future.

Industry stakeholders say that market demands and realities are changing rapidly, which is creating new challenges for Bangladesh. Bangladesh’s exports to traditional markets are still in a strong position, where about 84 percent of total clothing exports come from this market. However, the share of non-traditional markets is still relatively low, which is only 16 percent.

According to data from the International Trade Center (ITC), the size of the global clothing market in 2024 was about $500 billion. Of this, the size of the non-traditional market was about $150 billion.

Bangladesh maintains a 6 percent share in the non-traditional market, which has the potential to expand further. In 2024, 5.50 percent of Japan’s total apparel imports and 11.53 percent of Australia’s total imports were from Bangladesh; which indicates positive prospects for the future.

Mohiuddin Rubel, a former director of BGMEA and the managing director of the Bangladesh Apparel Exchange, stated: “We must concentrate on new markets and new goods in order to thrive in the dynamic global market. In the current global environment, breaking into new markets and inventing are not only strategic issues; they are essential. We must take advantage of this opportunity and work toward expanding and diversifying our markets.

“To continue advancement, we have to focus on product innovation, diversification, and market-based new designs and product development according to demand,” stated Fazle Shamim Ehsan, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA). Additionally, to increase the benefits of bilateral trade, FTA or PTA agreements might be made with non-traditional nations. Bangladeshi clothing ought to be portrayed as a “symbol of and fair price’.