In July-February period of the current fiscal year, Bangladesh’s garment exports to the USA decreased by 2.58 % year-on-year to $5.46 billion due to reduced imports by American retailers and brands, influenced by high inflation. Nevertheless, Bangladesh remains the third-largest garment supplier to the USA after China and Vietnam, maintaining its position through competitive pricing and longstanding trade relations, despite facing a 15.62 % tariff, the highest in this market. However, there is optimism as clothing sales in the US have started to increase, driven by market recovery and consumer spending momentum, according to the National Retail Federation (NRF).
In contrast, garment exports to the European Union (EU), Bangladesh’s largest trade block, saw a 3.27 % year-on-year increase to $16.23 billion during the same period. Significant growth was observed in apparel shipment to Spain, France, Netherlands, Poland and Denmark, while exports to Italy declined. However, garment exports to Germany, the largest market in the EU, dropped by 11.63 % year-on-year. Additionally, exports to the UK and Canada experienced growth, while exports to non-traditional markets grew by 10.83 % year-on-year, with notable increases in exports to Japan, Australia, and South Korea, but a decline in exports to India by 22.99 % year-on-year.
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