Apparel exports to Japan rise 26% in July-August

The demand for Bangladeshi-made clothing items is increasing among Asian consumers, whose purchasing ability is on the rise. Picture: star

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The demand for Bangladeshi-made clothing items is increasing among Asian consumers, whose purchasing ability is on the rise. Picture: star

Riding on strong demand for Bangladeshi-made apparel items, apparel shipments to Japan, an up-and-coming Asian export destination, rose 25.81% year-on-year to $217.53 million in July- august.

Revenue for the first two months of the previous fiscal year stood at $172.91 million, according to data from the Export Promotion Board (EPB) compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). .

Japan is the only country in Asia where shipments of clothing items from Bangladesh crossed the $1 billion mark much earlier, while many other promising countries such as India, Russia and China did not did not meet the expectations of local suppliers.

Japan’s apparel market revenue is estimated at $75.91 billion in 2022, German market and consumer data provider Statista said.

China and India have a clothing market of $287 billion and $88 billion this year.

Apparel makers are betting on Asia as they seek to grab a bigger share of the global apparel market. Demand for Bangladeshi-made items is increasing among Asian consumers, whose purchasing power is on the rise.

BGMEA is preparing a roadmap to export $100 billion worth of apparel items by 2030 and capture 10% of the global market by 2025.

In the prior fiscal year, apparel shipments to Japan amounted to $1.09 billion, up 15.46% from $0.944 billion in 2020-21, data showed. ‘EPB.

Clothing exports to the European Union amounted to $3.45 billion between July and August, an increase of 23.21% over the previous year. Shipment to Germany, Bangladesh’s largest apparel export destination, rose 16.44% to $1.06 billion.

Apparel exports to Spain and France jumped 24.52% and 37.73% to $574.70 million and $370.80 million respectively. Shipments to other EU countries also showed a positive trend over the two-month period.

Revenue from the United States, Bangladesh’s top export destination, rose 20.52% to $1.41 billion.

Manufacturers shipped $819.86 million worth of clothing to the UK and $227.03 million to Canada, growing 35.64% and 18.49% respectively in July-August.

Among non-traditional markets, apparel exports to India nearly doubled to $188.29 million, according to the EPB.

On the other hand, exports to Russia and China decreased by 58.29% and 13.21% to $29.04 million and $33.89 million respectively.

Although exports rose in August from a year earlier, growth could slow from September due to global economic turmoil and record inflation hitting retail trade, exporters warned.

“Many global brands are suffering from lower sales and unsold inventory, so they are suspending open orders,” one exporter said.

Apparel shipments grew 35.47% year-over-year in FY22, bringing in $42.61 billion. Of that, $23.21 billion came from knitwear shipments, up 36.88%. Woven apparel shipments increased 33.82% to $19.39 billion.

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