Among all the RMG producing countries, Bangladesh remains as the most competitive in the whole world. Based on the study named ‘2023 Fashion Industry Benchmarking study’ conducted by the United States Fashion Industry Association (USFIA), Bangladesh is on the top of the rating as the most competitive price giver on fashion clothing. Though the country had been able to increase the rating to 2.5 in 2023 from 2 in 2022 due to collaborative efforts of various stakeholders to enhance social responsibility practices in Bangladeshi Garment factories since the Rana Plaza tragedy.
The survey interviewed 30 executives at leading US fashion companies from April to June last year to conduct this study report. The report also said that the fact is unchanged, seven out of top ten most utilized sourcing destination this year are Asia based, led by China (97%), Vietnam (97%), Bangladesh (87%) and India (76%).
The average price competitiveness rating for Vietnam fell from 3.8 to 3.5 this year compared with last year.
“The US fashion companies are deeply concerned about the deteriorating US-China bilateral relationship and plan to reduce the China exposure to mitigate the risk”, said the report. US fashion firms are actively exploring new sourcing capacity and opportunities outside China and they have plan to increase sourcing from Vietnam, Bangladesh and other countries in Asia, the report added.
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