Bangladeshi apparel manufacturers shipped apparel items worth $6.64 billion in the January-August period of 2022, fetching a growth of 53.54%, from $4.32 billion of the same period of 2021, said the latest data from the Commerce Department’s Office of Textiles and Apparel (Otexa).
Securing the third position, Bangladesh has a 9.42% share in the apparel market of the North American country.
In the same period, the overall US apparel imports reached $69.27 billion, noting a 37.35% year-on-year rise, up from $50.43 billion in the January-August period of 2021.
The data also showed that the single-month apparel export earnings from the US in August grew to $928.56 million, up from $626.25 million in the same month last year.
In the first eight months of 2022, US apparel imports from China experienced a growth of 37.17% to $15.55 billion from $11.33 billion in the same period of 2021, proclaiming the first position with a market share of 23.72%.
Vietnam exported apparel items worth $12.80 billion in January-August of 2022, fetching a growth of 33.62% from $9.58 billion in the same period of the past year, claiming a market share of 17.52% which left them at the second position.
India secured the fourth position by exporting apparel items worth $4.16 billion, registering a growth of 56.9% from $2.65 billion in the first eight months of 2022 with a market share of 5.68%%.
RMG imports of the US from Indonesia in the January-August of 2022 increased by 56.47% to $3.91 billion while the imports from Cambodia grew by 51.64% to $3.04 billion in the same period, which made them the fifth and sixth, with a market share of 5.54% and 4.41%, respectively.
However, the manufacturers in the country said that economic turmoil, inflationary pressures, and other issues led to a decline in orders which have caused negative growth since September and may prolong to coming months.
Manufacturers said that due to the ongoing geopolitical crisis, energy crisis, and global inflation, purchase orders have declined significantly by nearly 30% in the last few months.
Top brands like Walmart and GAP postponed their global orders due to overstock of their products, said the manufacturers.