Bangladesh’s earnings from readymade garment exports to 11 European Union countries declined in the first half of the current financial year 2015-16 compared with that in the same period of the last financial year.

The reason is a devaluation of the euro against the dollar.

Besides the negative growth in 11 destinations, earnings from two other major EU countries –– Germany and France –– achieved minimal growth. Robust earnings from the UK and Spain, two other major markets for Bangladesh garment products, helped the country’s export earnings in the EU block to post 7.34 per cent growth in the period.

Earnings from Germany grew by 1.18 per cent in the July to December period of financial year ’16 compared to the same period of financial year ’15. Earnings from France showed a 2.31 per cent growth. Earnings from the United Kingdom grew by 25.70 per cent. Earnings from Spain showed a 13.53 per cent growth in the period.

Earnings witnessed negative growth in Turkey and Brazil in the first half of financial year ’16. But earnings growth in most non-traditional markets was healthy. These showed a 8.13 per cent growth. Australia, Chile, China, India, Japan, Korea, Mexico, Russia, South Africa are considered non-traditional markets.