The surge in garment shipments to the USA, Bangladesh’s foremost export destination, nearly doubled over the past five years, propelled by the tariff conflict between the United States and China, coupled with the competitive pricing of locally manufactured apparel.
This is as per reports, which citing data from the Export Promotion Bureau and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) nevertheless added despite robust performances in 2021 and 2022, apparel exports to the USA experienced an 8.68 per cent year-on-year decline, totalling US $ 8.27 billion in 2023.
In 2018, Bangladeshi manufacturers reportedly dispatched garments worth US $ 5.84 billion to the USA, a figure that surged to over US $ 9 billion in 2022.
However, a setback occurred in the subsequent year, primarily attributed to a decrease in woven garment shipments.
Conversely, knitwear exports witnessed a slight increase in 2023 compared to the preceding year.
Meanwhile, the readymade garment exports to the European Union (EU) experienced a notable deceleration, registering a modest year-on-year growth of 1.49 per cent, down from the 28.49 per cent recorded in 2022.
