INSIGHTS
- Bangladesh’s apparel exports to the US fell by 23.33 per cent to $5.78 billion between January and September this year from $7.54 billion during the same period last year.
- Such exports from India in that period fell by 21.91 per cent YoY to $3.62 billion.
- Overall US garment imports fell by 22.81 per cent YoY to $60.82 billion in those nine months.
Bangladesh’s apparel exports to the United States fell by 23.33 per cent year on year (YoY) to $5.78 billion in the first three quarters this year amid slow demand in the latter.
Such exports stood at $7.54 billion during the same period last year.
India’s RMG exports to the US market in that period fell by 21.91 per cent to $3.62 billion compared with $4.64 billion in the same period last year.
In September this year, Bangladesh’s apparel extorts to the United States dropped by 34.71 per cent YoY to $594.76 million compared with $911.07 million in the same month last year, according to data from the US department of commerce’s office of textiles and apparel (OTEXA).
Such exports from Bangladesh showed negative growth in seven out of the nine months. January and July were the exceptions.
US imports fell overall due to the economic slowdown caused by the Russia-Ukraine conflict, but the situation may improve by mid-2024, exporters in Bangladesh were cited as saying by a newspaper report.
Overall US imports of readymade garments dropped by 22.81 per cent to $60.82 billion in the first nine months this year compared to $78.80 billion in the same period last year, OTEXA data showed.
The Bangladesh Garment Manufacturers and Exporters Association attributed the declining exports to the US market only to high inflation.
However, Bangladesh’s position remained unchanged as the third-largest apparel exporter to the United States, with a 9.73 per cent share in the nine months. China and Vietnam occupied the first and the second positions, with 20.47 per cent and 17.98 per cent shares respectively.
The import of Chinese apparel by the United States in January-September 2023 fell by 28.12 per cent to $12.75 billion compared with $17.74 billion in the same period last year.
Such imports from Vietnam in that period dropped by 24.13 per cent to $11.06 billion compared with $14.59 billion in the same period last year.
Such imports from Indonesia in that period decreased by 25.6 per cent YoY to $3.30 billion, while from Cambodia, the figure dropped by 26.09 per cent to $2.59 billion.