The country’s garment exports to the US maintained a hefty growth – both in terms of value and volume – during the first month of current calendar year. Bangladesh’s garment exports to the United States grew by 44.38 per cent or $444 million in January-February on the back of increased prices and demand for readymade garment products in the market.
The importance of textile industry in the economy of the country is immense. However, the textile business in India has not been going very well for several years. From 2015 to 2019, the country’s textile exports decreased by 3 percent. In 2020, the rate stood at 16.6 percent. The country is setting a record by exporting readymade garments as buyers flock to Pakistan by canceling purchases from Bangladesh and India. It is expected to reach a record $ 21 billion, up 40 percent from a year ago.
Bangladeshi RMG industry leaders opined that due to the Russia-Ukraine war, some of the European Union’s (EU) brands and buyers are currently having a second thought in buying. However, a lot of orders are coming from US brands and buyers. The US has a large number of orders for June-July season. If there is no new problem, industry leaders expect the country to have this high growth in exports.
According to OTEXA, Bangladesh has long been the third-largest garment exporter in the US market. Last year, Bangladesh exported $7.15 billion worth of RMG to this market. Compared to 2020, this income was about 36 percent more.
Vietnam is the second largest exporter to the US market. In the first two months of this year, the country exported $2.64 billion worth of garments, up 26 percent from the same period last year.
