Bangladesh’s garment exports to the USA have skilled double-digit unfavorable development in latest months whereas competing nations have persistently decreased their unfavorable development charges in the identical market.
Based on information launched by the US Division of Commerce’s Workplace of Textiles and Attire, Bangladesh’s readymade garment exports to the USA, the nation’s largest export market, fell by 12.31 per cent in worth and 622 per cent in amount within the first 5 months of 2024.
Information confirmed that Bangladesh’s garment exports to the USA fell to US $ 2.90 billion within the first 5 months of 2024, down from US $ 3.31 billion in the identical time in 2023.
When it comes to amount, Bangladesh’s RMG exports in January-Could 2024 fell to 956.55 million sq. metres from 1.01 billion sq. metres the earlier yr.
Exporters reported that Bangladesh was failing to remain up with its opponents in the USA and different essential markets attributable to a extreme vitality downside, excessive utility charges, elevated manufacturing prices, prolonged lead occasions, and burdensome customs procedures.
Though total garment imports in the USA have dropped as a result of world financial stoop, China and Vietnam have begun to realize market share in latest months attributable to their fast cargo timeframes, they claimed.
Based on OTEXA information, Bangladesh’s cotton clothes exports to the USA within the first 5 months of 2024 fell 9.56 per cent to US $ 2.01 billion, whereas RMG produced with man-made fibre shipments fell 21.85 per cent to US $ 755.08 million.
General US garment imports declined by 6.0 per cent within the first 5 months of 2024, to US $ 29.62 billion, down from US $ 31.51 billion in the identical interval in 2023, in accordance with information.
The USA’ attire imports from Vietnam declined 1.18 per cent to US $ 5.41 billion in January-Could 2024, down from US $ 5.49 billion in the identical interval in 2023.
Cambodia’s RMG exports to the US elevated by 7.75 per cent to US $ 1.28 billion between January and Could 2024, in comparison with US $ 1.19 billion in the identical interval in 2023.
Within the first 5 months of 2024, India’s RMG exports to the US fell 2.06 per cent to US $ 2.09 billion, whereas Indonesia’s fell 10.49 per cent to US $ 1.65 billion.
