Bangladesh’s garment exports to the US, its largest export market, declined by 12.31% year-on-year to $2.9 billion in the January-May period due to reduced imports by American retailers and brands globally. The combined textile and garment exports to the US fell by 11.91% to $3 billion during the same period, according to the Office of Textiles and Apparel (OTEXA).
Despite this decline, US retail sales saw significant increases in May, with clothing and accessories stores up 1.44% month-over-month and 6.24% year-over-year, according to the National Retail Federation (NRF). NRF President and CEO Matthew Shay noted that consumer spending remained strong, driving solid economic growth.
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