Bangladesh RMG export to EU logs meagre growth amid price fall
Bangladesh experienced a substantial year-on-year increase of 33.8% in October 2024, marking the strongest growth recorded in the first 10 months of the year
Bangladesh's apparel exports to the European Union experienced modest growth during the first 10 months (January to October) of 2024, despite a decline in prices, according to data released by the EU's statistical office Eurostat.
The EU's imports data showed that its import from Bangladesh grew by only 0.8% during this period, despite a modest increase in quantity (6.68%), which was offset by a 4.92% decline in prices.
The data indicated that Bangladesh's apparel export value reached €15.19 billion during the period from January to October this year, compared to €15.08 billion during the same period last year.
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Bangladesh experienced a substantial year-on-year increase of 33.8% in October 2024, marking the strongest growth recorded in the first 10 months of the year, according to the data.
The EU imported apparel worth €1.75 billion from Bangladesh in October, up from €1.30 billion during the same month in 2023.
Meanwhile, the EU countries' total apparel imports amounted to €71.47 billion during this period, reflecting a slight year-on-year decline of 0.16%.
Among other suppliers to the EU, major contributor China saw a slight increase in the value of apparel imports during the mentioned period, rising by 0.24% to €20.03 billion – suggesting a potential shift in the global apparel market.
Turkey, the third largest apparel exporter to the EU experiences 6.18% negative growth to €7.90 billion during the mentioned period.
Other key suppliers Vietnam and Pakistan experienced growth of 2.46% and 20.66% to €3.27 billion and €2.88 billion, respectively.
Talking to The Business Standard, former BGMEA director Mohiuddin Rubel noted that unit prices declined for most suppliers in 2024 compared to 2023, reflecting heightened competitive pressures within the global apparel industry.
For instance, the EU's import price from China declined by 8.63% during the same period, he said.
"The data suggests that while the EU's overall demand for apparel remains strong, the competitive landscape is shifting, with some suppliers gaining ground while others, including Bangladesh, facing challenges," said Rubel, who is also the additional managing director of Denim Expert Ltd.
