Bangladesh’s garment shipments to america, its single largest export vacation spot in 2023, are to drop 25 per cent yr over yr to US $ 7.29 billion because of substantial inflation attributable to the present Russia-Ukraine battle.
As to the information supplied by the US Division of Commerce’s Workplace of Textiles and clothes (Otexa), Bangladesh’s attire exports to the US had been at US $ 9.72 billion in 2022.
The report moreover demonstrated that, in comparison with a yr earlier, the worth of the nation’s total garment imports decreased by 22.04 per cent to US $ 77.84 billion.
In line with Otexa knowledge, the amount of Bangladesh’s RMG exports to the USA decreased by virtually 28 per cent in 2023, from 3.13 billion sq. metres in 2022 to 2.25 billion sq. metres.
In an interview with native media, President Faruque Hassan of the Bangladesh Garment Producers and Exporters Affiliation acknowledged that the world garment market was extraordinarily unstable in 2023 since all international locations decreased imports on account of excessive inflation introduced on by the battle between Russia and Ukraine.
In line with him, the US, which imports essentially the most attire, diminished its consumption as a result of excessive inflation in 2023.
He added that each exporting nation had the identical expertise in 2023 regarding adverse development in garment exports to the US market, not simply Bangladesh.
Within the upcoming days, the president of BGMEA anticipates that this market will enhance.
As well as, he mentioned that US rates of interest and inflation would stay regular, which could help a market restoration within the upcoming months.
The share of Bangladeshi attire within the US market was about 10 per cent in 2022, whereas it fell to 9.37 per cent final yr.
Nonetheless, Bangladesh maintained its rating because the third-largest garment exporter to the US market, following each China and Vietnam, with respective shares of 20.96 per cent and 18.21 per cent.
The OTEXA knowledge confirmed, in 2023, Chinese language attire export to the USA fell 10.83 per cent to US $ 16.32 billion from US $ 21.75 billion a yr in the past.