BD witnesses highest export growth in EU market in Jan-Jun02 October 2022
Staff Reporter :
The import of European Union (EU) from Bangladesh has witnessed the highest growth among all of the top countries, said an official data of trade statistics of the Eurostat about the apparel import of the EU for January-June, 2022.
As per the statistics, the EU's apparel import from Bangladesh increased by 44.60 per cent compared to the same period of previous year, whereas their global import grew by 25.03 per cent during the six months period of the current year.
EU's import from Bangladesh reached $11.31 billion, the data showed.
China, being the top apparel import source for EU, registered 21.78 per cent year-over-year growth. EU imported $12.22 billion worth apparel from China during the mentioned time.
Turkey being the 3rd largest apparel source of EU also posted 20.38 per cent year-over-year growth. EU imported $10.89 billion worth of clothing from Turkey.
Other top countries having high growth were Cambodia 40.15 per cent, Pakistan 32.28 per cent, Indonesia 28.64 per cent, and India 24.90 per cent respectively.
Md Mohiuddin Rubel, Director of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said, "The surge in EU's import is caused mainly by recovery from the pandemic and increased shopping by consumers resulted in retail sales growth."
"But, the upward trend might not sustain in the following months of 2022 due to inflation at historic level, especially the price hike of fuel and food and the downturn in economic growth than projections indicating recession. Unusual long summer may also affect winter clothing range," he added.
He further said, "We observed that Bangladesh's total export maintained significant growth until August 2022, which means EU's imports from Bangladesh might keep on positive trend till September, and may falter afterwards as retail sales is already affected by economic turmoil and buyers being cautious about overstock and current production."