CPD RMG Study Stitching a better future for Bangladesh
Originally posted in Textile Today on 13 March 2022
Bangladesh’s readymade garment (RMG) exports to the USA upheld an impressive growth – both in terms of value and volume – in January 2022. In terms of export growth, the country outshined its rivals China and Vietnam.
As per the OTEXA data, the USA imported $756 million worth of apparel items from Bangladesh in January 2022. Witnessing an impressive 45.53% growth. While the country exported $519 million RMG goods in January 2021.
The OTEXA data also revealed that in terms of volume – the USA imported 282.38 million square meters of RMG from Bangladesh. Growing by 42.17%.
The overall US apparel imports from the world also augmented by 36.60% to $7.54 billion on January 2022 – from $5.52 billion in the same month of 2021, the OTEXA data showed.
Figure: In growth terms, Bangladesh’s RMG exports to the USA outshined its rivals China and Vietnam in January 2022.
Among other top apparel exporting countries to the USA, China exported $1.90. While Vietnam exported $1.27 billion RMG in the first month of the present calendar year. While apparel export growth from India grew by 53.40%, Pakistan 44.41%, Cambodia 42.12% in the USA.
Faruque Hassan, President, BGMEA said, “Newer challenges will emerge for Bangladesh in the post-LDC era, as the trade facilities – currently being enjoyed by the country – will no longer be available after the graduation.”
“As you know that our RMG export to the USA grew by 49.38% and earned $5.08 billion during July-January of FY2021-22, a significant growth,” added Faruque Hassan – who is currently leading BGMEA delegation team in the Executive Summit of American Apparel & Footwear Association (AAFA) being held in Washington D.C. to represent the garment industry of Bangladesh and showcase its success stories and potential among international brands and buyers.
“In such a context, Bangladesh needs to step up its diplomatic efforts in our major export markets, like the US, to create an enabling environment to expand trade,” said BGMEA President at a meeting with M Shahidul Islam, Bangladesh Ambassador to the USA, in Washington DC recently.
Faruque Hassan also called upon Ambassador Shahidul Islam to assist in attracting investment from the US businessmen and non-resident Bangladeshis in textile industries in Bangladesh.
BGMEA Vice President Miran Ali and Director Abdullah Hil Rakib, and Deputy Chief of Mission Ferdousi Shahriar and Commercial Counsellor Md Salim Reza were also present at the meeting.
