Sunday, 23 February, 2025
Bangladesh has experienced modest growth in US apparel imports amidst market volatility in 2024.
The country held its ground, achieving a slight 0.73% increase in export value to the US during the January-December 2024 period, reaching $7.34 billion. Additionally, there was a 4.86% growth in export volume.
The latest data on US apparel imports for the same period revealed the performance of key supplying countries in the global apparel market. Despite a modest overall growth in US apparel imports, with a 1.82% increase in value and a 5.88% rise in volume, there was a notable 3.83% decline in average unit prices, suggesting a competitive market with downward pressure on prices.
Similarly, Bangladesh experienced a 3.94% drop in unit prices, which directly impacts profitability.
Compared to other major apparel-exporting countries, Bangladesh's performance was moderate. Vietnam saw a robust 5.67% increase in value and a 9.47% rise in volume, while India reported significant growth with a 4.95% increase in value and a 13.09% rise in volume.
Cambodia stood out with a remarkable 14.48% increase in value and an 18.45% growth in volume, highlighting its competitive edge in the market.
On the other hand, Mexico and South Korea faced challenges, with Mexico experiencing a 6.78% decrease in value and a 15.18% drop in volume, while Korea saw a 12.94% reduction in value and a 5.56% decline in volume.
Garment exporters say Bangladesh’s relatively slower growth in exports to the US, compared to major suppliers, underscores the need for strategic initiatives to enhance its competitiveness.
“While escalating trade tensions may present potential opportunities for Bangladesh, it is imperative that we proactively address our own challenges and limitations to effectively seize these advantages”, said a leading exporter and director of BGMEA.
Comments
Bangladesh has experienced modest growth in US apparel imports amidst market volatility in 2024.
The country held its ground, achieving a slight 0.73% increase in export value to the US during the January-December 2024 period, reaching $7.34 billion. Additionally, there was a 4.86% growth in export volume.
The latest data on US apparel imports for the same period revealed the performance of key supplying countries in the global apparel market. Despite a modest overall growth in US apparel imports, with a 1.82% increase in value and a 5.88% rise in volume, there was a notable 3.83% decline in average unit prices, suggesting a competitive market with downward pressure on prices.
Similarly, Bangladesh experienced a 3.94% drop in unit prices, which directly impacts profitability.
Compared to other major apparel-exporting countries, Bangladesh's performance was moderate. Vietnam saw a robust 5.67% increase in value and a 9.47% rise in volume, while India reported significant growth with a 4.95% increase in value and a 13.09% rise in volume.
Cambodia stood out with a remarkable 14.48% increase in value and an 18.45% growth in volume, highlighting its competitive edge in the market.
On the other hand, Mexico and South Korea faced challenges, with Mexico experiencing a 6.78% decrease in value and a 15.18% drop in volume, while Korea saw a 12.94% reduction in value and a 5.56% decline in volume.
Garment exporters say Bangladesh’s relatively slower growth in exports to the US, compared to major suppliers, underscores the need for strategic initiatives to enhance its competitiveness.
“While escalating trade tensions may present potential opportunities for Bangladesh, it is imperative that we proactively address our own challenges and limitations to effectively seize these advantages”, said a leading exporter and director of BGMEA.
Comments
