Bangladesh’s apparel export to the USA has achieved a landmark achievement in March 2022 – for the first time ever country’s apparel export crossed $1 billion in the US and witnessed a staggering 96.10% Y-o-Y growth.
According to the latest OTEXA data, the apparel import of the USA witnessed a 43.20% growth in March 2022. Importing all-time high $9.29 billion worth of apparel. The US apparel import figures show that the country’s fashion consumers are again spending on fashion. As far as apparel imports is concerned, the world’s biggest economy will continue to support economic recovery in developing countries.
In the third month of 2022, Vietnam surpassed China to become the top apparel exporter and fetched $1.81 billion. Growing by 35.60% on March 22. While, China exported $1.73 billion, up by 39.60% on a Y-o-Y basis.
While in the first three months of 2022, the US imported $24.314 billion worth of apparel, the OTEXA data also revealed.
In January-March 2022 period, Bangladesh’s apparel export to the USA jumped by 62.23%.
Bangladesh textile and apparel industry leaders hailed this achievement as a monumental achievement.
Shovon Islam, Director, BGMEA & Managing Director Sparrow Group said to Textile Today, “A billion-dollar apparel export in a month is a phenomenal achievement for Bangladesh. Basically, March month is the end of spring-summer season apparel shipment in the USA market. In this period our apparel export in the USA market was tremendously outperforming and the US market condition and the order scenario from buyers were really good.”
“Besides, the recent unrest in Sri Lanka and trade shifting from China has benefitted our country and made it more as a preferential sourcing destination for the spring-summer season starting in January to March.”
“This milestone was made possible by our entrepreneurs and RMG workers’ relentless efforts – drove the RMG business forward. And I am hopeful that this trend will continue.”
“Bangladesh textile and apparel industry need to overcome some challenges to continue the billion-dollar monthly export. Like in March and April, the industry suffered due to a severe gas crisis. Also, our lead-time is one of the longest as well as our raw material import has been facing glitches.”
“To overcome these challenges we need to diversify our raw material sourcing and focus on high-end synthetic and cotton blend products, etc. At the same time the govt. need to utilize the new ports and land ports to reduce the lead-time.”
“There is no alternative other than finding immediate solutions to these challenges. And this is the only way forward,” Shovon Islam concluded.