Bangladesh eye's niche European market for exports

 Bangladesh is an emerging economy. Its exports are continuously expanding. Bangladesh's most prominent exports are textiles. Bangladesh is ranked third biggest exporter of textiles globally. Bangladesh textiles are in very high demand in the US market which is also the top importer from this country.

According to the Bangladesh import export data reports, the country’s textile exports increased by 10% during 2022. Bangladesh overall textiles exports were totaled to be $42 billion in 2022. Whereas, last year it was around $38 billion dollars. 

Among top textiles exporters, European countries like Germany, Italy, France, Netherlands and Belgium were the significant importers. As per Bangladesh customs data, textile exports to the EU saw a rise of 22% in 2022. The shipments were worth around $19 billion during 2022. 

The latest figures show that the Bangladesh textiles exports to the European Union saw 12% decrease during the first half of FY 2023. The exports were totaled to be $9 billion while it was very low as compared to $10 billion during 2022. 

In terms of category, knitwear were the most shipped items to Europe. Although the shipments value dropped to $5.35 billion in 2023 to $6.4 billion during 2022. Woven garments exports also dropped to $3.5 billion from $4 billion in 2022. 

Bangladesh RMG exports declined to 8% from the European Union during Jan-July 2023. In 2022, the EU imported around 43 billion euros while it came down to 40 billion euros in 2023. Experts forecast the growth of $40 to $60 billion by the end of 2030.

Apart from garments and textiles, the EU imports fish, vehicles, footwear, tobacco, headgear and leather articles from Bangladesh. Bangladesh export data reflects around $598 million worth of footwears were exported to the EU during FY 2022.  Footwear was the second most imported item from Bangladesh by the EU.

Bangladesh is continuously growing its exports to the European Union. Bangladesh exports were reported to be $25 billion in 2022. On the other hand, Bangladesh made a significant amount of imports from the EU during 2022. Bangladesh import data record suggest that around $3.8 billion worth of imports were made from the EU during 2022. The top imports include iron, steel, electrical equipment, optical medical apparatus, pharmaceutical products are the top imported by Bangladesh from EU.

The EU is an important trading partner of Bangladesh and also the valuable market in terms of exports. The EU has a major share in the Bangladesh garments market.  It has the potential to grow to a very large scale. Bangladesh exporters could reach out to the genuine EU buyers through an expert market intelligence platform like Exim GTIS. 

Exim GTIS is the Exim Global Trade Intelligence System developed by a leading global import export data provider company. Through this platform, you can search top Bangladesh exports to the European market by HS code, product, price, quantity, unit, country, port, buyer and supplier details. It is the best tool for market research and to expand your business to the global market.