Bangladesh readymade garment (RMG) export is witnessing a boom in the United States market. In the first two months of this year (January-February of 2022), Bangladeshi apparel entrepreneurs exported $1.44 billion worth of RMG to the USA market. Which was $1 billion at the same period of 2021. As such, this time the export has increased by one and a half times.
Figure: In the first two months of this year, Bangladeshi apparel entrepreneurs exported $1.44 billion worth of RMG to USA market.
This is according to the latest statistics from the US Department of Commerce’s Office of Textile and Apparel (OTEXA). In January and February of 2022, US brands and retailers imported $15.02 billion worth of clothing from around the world. Compared to the same period last year, the import has increased by 36.64 percent.
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.
In the first month of this year, Bangladesh has surpassed that growth. That trend continued at the end of the second month. Overall, garment exports to the United States rose 44.36 percent in January-February this year.
Meanwhile, the USA has always been a big market for Bangladeshi clothing.
Garments worth $5.93 billion worth apparel were exported in 2019 in the US market. The following year also had a great start. However, in the outbreak of COVID, apparel exports continue to decline. Finally, garments worth $5.23 billion were exported in 2020.
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.
As per the OTEXA data, China is the top garment exporter in the US market in the first two months of this year. China exported $3.59 billion worth of garments. At the, their exports were 245 million. As a result, China’s exports increased by 48.64 percent in January-February this year compared to same period last year.
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.