US’s apparel import from Bangladesh grew by 50.98pc05 December 2022
Staff Reporter :
USA's apparel import from Bangladesh increased by 50.98 per cent in first nine months (January-September) of the current year compared to the same period of last year (2021) amid the slowed economy caused by Russia-Ukraine war.
The country also holds the position of the 3rd largest apparel import source for the USA, according to the USA official source 'Office of Textiles and Apparel (OTEXA).
Meanwhile, the USA's apparel import from the world increased by 34.61 per cent in the same period, the data showed.
In January-September 2022, the US imported apparel products worth $7.55 billion from Bangladesh.
Among the top ten apparel suppliers to the USA, year-on-year imports from India, Indonesia, Cambodia, South Korea and Pakistan increased by 53.39 per cent, 54.66 per cent, 46.58 per cent , 39.61 per cent and 40.11 per cent respectively.
With an 8.54 per cent share, Bangladesh remains the third apparel import source for the USA while China continues to hold the title of the largest apparel supplier to the US with a 22.48 per cent share, followed by Vietnam with an 18.51 per cent share.
During the first ten months of 2022, USA's imports from China grew by 28.94 per cent and reached $17.72 billion. At the same time, imports from Vietnam stood at $14.59 billion with 34.69 per cent year-on-year growth.
Md Mohiuddin Rubel, Director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said, "The increase in import of the USA from Bangladesh is mainly due to soar in unit prices of the clothes for higher inflation and raw materials cost hike."
"The global trade and economic outlook appears to be depressive and retail business worldwide is facing a difficult time. Therefore such growth may not be taken as a reason of complacency," he added.
He further said, "We are rather cautious and optimistic about the future as the industry is transforming to a sustainable one, which is our biggest strength."