Home Finance Garment Export To Japan Risen 26pc in July-Aug

Garment Export To Japan Risen 26pc in July-Aug

Garment Export To Japan Risen 26pc in July-Aug
Photo: Collected

Riding on stable demand for apparel items made in Bangladesh, the shipment of garments to Japan, a favorable Asian export destination, rose 25.81 percent year-on-year to $217.53 million in July-August. The receipts in the first two months of the previous fiscal year were $172.91 million, according to data from the Export Promotion Bureau (EPB) assembled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). The article contains Garment Export To Japan Risen 26pc in July-Aug.

Japan is the only country in Asia where Bangladesh’s shipment of garment items crossed the $1-billion mark a lot earlier, whereas many other promising nations such as India, Russia, and China have not lived up to the expectations of local suppliers. Revenue in Japan’s apparel market is estimated to be $75.91 billion in 2022, said German market and consumer data provider Statista.

China and India will have an apparel market of $287 billion and $88 billion in 2022. Garment manufacturers are banking on Asia as they examine to grab more share of the global apparel market. Demand for the items made in Bangladesh is increasing among Asian consumers, whose buying capacity is rising. The BGMEA is preparing a roadmap to export $100 billion of garment items by 2030 and capture 10 percent of the global market by 2025. Last fiscal year, garment shipment to Japan was $1.09 billion, up 15.46 percent from $0.944 billion in 2020-21, EPB data showed.

Apparel exports to the European Union stood at $3.45 billion in the July-August period, an increase of 23.21 percent from a year prior. The shipment to Germany, Bangladesh’s largest apparel export destination, rose 16.44 percent to $1.06 billion. Garment export to Spain and France poured 24.52 percent and 37.73 percent to $574.70 million and $370.80 million, respectively. The shipment to other EU countries also showed a positive trend during the two months. Bangladesh’s single largest export destination, receiving from the US was up 20.52 percent to $1.41 billion.

Manufacturers shipped $819.86 million of apparel items to the UK and $227.03 million to Canada, clocking 35.64 percent and 18.49 percent growth in July-August. Among the non-traditional markets, garment exports to India nearly doubled to $188.29 million, according to the EPB. By contrast, exports to Russia and China declined by 58.29 percent and 13.21 percent to $29.04 million and $33.89 million, respectively. Exporters warned that exports grew in August from a year earlier, but the growth might decelerate from September due to the global economic turmoil and record inflation affecting retail business. “Many global brands are suffering from a decline in sales and unsold stocks, so they are putting current orders on hold,” said one exporter.

Garment shipment clocked 35.47 percent year-on-year growth in FY22, netting $42.61 billion. Of the sum, $23.21 billion came from knitwear shipment, up 36.88 percent. Woven garment shipment increased 33.82 percent to $19.39 billion.

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