After Completing the year 2021 Bangladesh RMG Sector growth 30.36% Said BGMEA. Bangladesh Garment Manufacturers and Exporters Association Recently shared this news with a press release.
In this press release, BGMEA Said It’s encouraging that the share of our export to USA, the single largest market, has risen consistently in last 4 years, that is from 17.75% in 2018 to 20.30% in 2021.
RMG export to USA in 2021 reached 7.28 billion dollars, out of which woven garment export was 4.65 billion dollars, and knitwear export was 2.62 billion dollars.
This is the first time RMG export to USA exceeded 7 billion dollars in a year. During 2021, RMG export to the USA grew by 43.62% compared to 2020.
In the year of COVID, RMG export to USA went down to 5.07 billion dollars.
EU accounts for 50.07% of our exports (excluding U.K.). Looking back over the last five years, our export to the European Union was 18.69 billion dollars in 2017 (including U.K.) which reached to 20.58 billion dollars in 2018, and 20.42 billion dollars in 2019 subsequently.
In 2020, due to COVID, export declined to 17.02 billion dollars. But in 2021, export to EU reached 21.74 billion dollars (17.93 billion dollars excluding U.K.) with 27.74% growth year over year.
Among the EU member states, Germany, France, Italy, Denmark, Belgium, Portugal and Poland shown stronger positive growth in 2021. Export to Germany crossed 6 billion dollars level for the first time as export grew by 26.64%. Export to the third-largest market for our RMG, UK reached 3.81 billion dollars in the same year.
Export to Canada also increased by 28.46% from 865.17 million in 2020 to 1.12 billion dollars in 2021.
Non-traditional markets which are strategically the most important source of our growth to sustain also have shown promising growth.
Though in the last few years, Bangladesh made tremendous progress in terms of new markets exploration. But up until now, diversification in export items and export destinations has always been very narrow in Bangladesh RMG.
BGMEA Said we have re-started our efforts to explore non-traditional markets under the apparel diplomacy campaign.