The apparel export to the United States experienced a year-on-year growth of 48.57% to $8.46 billion in the January-October period of 2022, according to the most recent data from the Commerce Department’s Office of Textiles and Apparel (Otexa).
In the same period last year, Bangladesh exported apparel items worth $5.69 billion to the US, the single largest destination of the country’s RMG products, Otexa data stated.
Securing the third position, Bangladesh has a 9.74% share in the apparel market of the North American country.
Among the top suppliers to the US market, the y-o-y growth of Bangladesh experienced the highest rates, Otexa data stated.
According to the Otexa data, in the same period, the overall US apparel imports reached $87.09 billion, noting a 30.16% y-o-y rise, up from $66.91 billion in the January-October period of 2021.
The Otexa data also stated that the single-month apparel export earnings from the US in October grew to $910.86 million from $694.12 million in the same month last year.
According to the Otexa data, Bangladesh earned $755.94 million in January, $688.47 million in February, $1.03 billion in March, $820.52 million in April, $815 million in May, $906 million in June, $693.22 million in July, $928.56 million in August, and $912.71 million in September of this year.
According to the data, China and Vietnam occupied the first and the second highest positions respectively in the US market as of October 2022.
Among the other major suppliers, US apparel imports from China in the January-October period of 2022 experienced a growth of 20.76% to $19.32 billion from $16 billion in the same period of 2021, proclaiming the first position with a market share of 22.53%.
Vietnam exported apparel items worth $16.04 billion in the January-October period of 2022, fetching a growth of 32.01% from $12.15 billion in the same period of last year, claiming a market share of 17.94%, Otexa data stated.
Followed by Bangladesh, India secured the fourth position by exporting apparel items worth $5.00 billion in the January-October period of 2022, registering a growth of 45.04% from $3.45 billion in the mentioned period of 2021, with a market share of 5.65%.
According to the Otexa data, RMG imports of the US from Indonesia in the first ten months of 2022 increased by 47.57% to $4.94 billion while the imports from Cambodia grew by 36.90% to $3.92 billion in the same period, which made them the fifth and sixth with a market share of 5.64% and 4.35% respectively.