The export of the readymade garment (RMG) items to the United Sates experienced year-on-year growth of 42.48% to $9.06 billion in the January-November period of 2022, higher from $6.36 billion of the mentioned period of 2021, according to the Commerce Department’s Office of Textiles and Apparel (Otexa) data.
With a share of 9.78%, Bangladesh secured its third position at its single largest export destination.
However, the single-month apparel export earnings from the US in November experienced a fall of 9.82% to $597.61 million from $662.70 million in the same month last year.
So far in 2022, the earnings of November were the lowest in eleven months, Otexa data stated though the y-o-y growth of Bangladesh is the highest among the top suppliers to the US market.
Bangladesh exported apparel items worth $7.14 billion to the United States in 2021 and managed to exceed the full-year earnings of 2021 in just nine months (Jan-Sep) when the earnings stretched $7.55 billion.
According to the Otexa data, during the same period, the overall US apparel imports reached $93.39 billion, noting a 25.72% y-o-y rise, up from $74.28 billion in the January-November period of 2021.
Among the other major suppliers, China saw a growth of 14.54% to $20.51 billion in the January-November of 2022 from $17.9 billion in the same period of 2021 and secured a market share of 22.06%.
In the mentioned period, Vietnam exported apparel items worth $17.05 billion, fetching a growth of 29.17% from $13.20 billion of the last year, claiming a market share of 17.94%.
Followed by Bangladesh, India secured the fourth position by exporting apparel items worth $5.32 billion in the January-October period of 2022, registering a growth of 45.04% from $3.81 billion which has a market share of 5.65%.
According to the Otexa data, RMG imports of the US from Indonesia in the first eleven months of 2022 increased by 39.83% to $5.27 billion while the imports from Cambodia grew by 3.92% to $4.09 billion in the same period, which made them the fifth and sixth with a market share of 5.61% and 4.33%, respectively.