Bangladesh’s apparel exports to the EU experienced significant volatility during the first seven months of 2024. Exports increased until March 2024 but eased to $1,878.608 million in April, further declining to $1,722.759 million in May. The country’s exports dropped to $1,201.379 million in June 2024 but recovered to $1,684.375 million in July 2024, according to Fibre2Fashion's market insight tool TexPro.
It is likely that exporters had anticipated potential political unrest in the coming weeks, leading them to increase shipments in July 2024. Prior to the political instability, Bangladesh had established itself as one of the world’s top garment exporters.
Trade data from TexPro shows the country’s growing capability in previous years. Apparel exports to the EU stood at $16.758 billion in 2019 but were disrupted by the COVID-19 pandemic, dropping to $14.063 billion in 2020. However, Bangladesh managed to recover the losses in 2021, with exports rising to $16.874 billion. By 2022, apparel and textile exports saw exponential global growth, with Bangladesh exporting $22.993 billion. However, trade eased to $18.838 billion in 2023 due to slower demand, driven by rising inflation in major developed markets.
Europe, including the EU, the UK, and other European countries, accounted for more than half of Bangladesh’s apparel exports. The continent contributed 57.41 per cent of its $21.281 billion apparel exports between January and July 2024.
ALCHEMPro News Desk (KUL)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
