RMG exports to Japan crosses $1 b mark
in FY 2021-22
Industry Desk: Japan’s top sourcing destinations include China (66% in 2021), Vietnam (16% in 2021). It is worth mentioning that Bangladesh is notably grown really fast and the country’s apparel exports to Japan doubled in the last decade. Bangladesh’s RMG exports to Japan crossed the $1 billion mark in FY 2021-22 and witnessed a 16% growth.
Japan’s garment and accessories imports witnessed an impressive 24.8% year-on-year surge in June 2022. The far eastern country imported garments and accessories worth ¥233,597 million in June.
As per the provisional trade statistics released by Japan’s ministry of finance, the apparel and accessories import was 2.3 percent of the total import of ¥10,013,136 million during the month under review.
According to the latest data, the country imported ¥109,056 million worth of textile yarn and fabrics in June 2022, which was 34% higher than the same period last year. The import was 1.1 percent of the total import of Japan.
While Japan’s export of textile yarn and fabrics surge by 19% year-on-year and earned ¥70,249 million. The textile yarn and fabrics export was 0.8 percent of the total export of ¥8614,670 million from Japan during June 2022.
Also, Japan exported textile machinery worth ¥20,075 million and contributed 0.2 percent to total export.
The apparel market in Japan is huge as the country is one of the world’s major apparel consumption markets, with retail sales totaling $100bn in 2021, only after the USA ($476bn) and China ($411bn).
Japanese fashion apparel retailers and brands mainly source apparel from Asia. Data shows that Japanese fashion brands and retailers consistently imported more than 90% of clothing from the Asia region.
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