Bangladesh posted higher growth in apparel exports to the US market compared to China and Vietnam in the first seven months of the calendar year 2021.
The country exported 28.04 per cent higher quantity of apparel items worth $3.70 billion or Tk 314.50 billion to the US market during the January-July period compared to the same period of 2020.
However, China and Vietnam exported $9.13 billion and $8.07 billion worth of clothing respectively to the US.
Another competitor India, on the other hand, saw a higher 33.10 percent apparel export growth in the US market with $2.31 billion exports during the
The OTEXA data released last week show that US traders imported a total of $42.36 billion worth of apparel items from different countries in the first seven months of 2021, which was 25.28 per cent higher than that of last year’s same period.
It means that Bangladesh’s RMG export to the US market was 2.4 percentage points higher than the average apparel import growth of the US traders.
The situation started improving in 2019 because of the China-US trade war. Meanwhile, workplace safety improved a lot in Bangladesh over the years.
As a result, the country was able to export RMG goods worth $5.93 billion to the US market in 2019. Although the export performance was impressive at the beginning of 2020, it could not be maintained after due to the coronavirus pandemic. Finally, the total RMG export stood at $5.22 billion last year.
The share of Bangladeshi apparel in the US market has modestly increased from last year’s 8.16 per cent to 8.32 per cent.
The present market share of China and Vietnam now stands at 27.74 per cent and 18.88 per cent respectively.
“We hope that our RMG exports to the EU market will also increase in the coming months alongside the US as RMG factories have plenty of export orders,” BKMEA vice-president Mohammad Hatem said.