The ready made garment (RMG) exports of Bangladesh to the United States market registered 54.43 percent growth during January-July this year compared to the same period a year ago with the amount totalling $5.71 billion.
It was disclosed by the USA’s official data source “Office of Textiles and Apparel (OTEXA)” at the latest apparel import statistics of the USA for the period.
During the period, the USA imported $ 5.71 billion worth of apparel from Bangladesh, the data showed.
China remains the top apparel import source for the USA registering 40.01 percent year-on-year growth during the period. The USA’s imports from China stood at $12.79 billion in this period.
At the same time, USA’s imports from Vietnam reached $10.91 billion with 35.30 percent year-on-year growth.
Other top apparel exporting countries such as Indonesia, India, Cambodia, South Korea, and Pakistan also posted significant growth during the same period.
According to the data, the USA’s apparel import from Bangladesh increased by 97.63 percent compared to the same period of 2020 whereas their import from the world grew by 74.21 percent.
“However, the upward trend might not sustain in the fourth quarter of 2022 due to inflation reaching a historic level, rise in Fed rates, downturn in economic growth than projections and anticipated recession,” he said.
Unusually long summer may also affect the winter clothing sale, he added.
“However, Bangladesh’s total export maintained a significant growth until August 2022, which means the USA’s imports from Bangladesh might keep on a positive trend till September, but may falter afterwards,” ” Md Mohiuddin Rubel observed.
“The Retail sales are being affected by the economic turmoil and the buyers are being cautious about overstock and current production,” BGMEA director added.