Bangladesh’s garment exports to the United States experienced a notable decline, dropping by 23.33 per cent year-on-year to US $ 5.77 billion in the period of January-September.
This downturn is attributed to a slowdown in demand within the largest global economy and an accumulation of stocks.
Comparatively, during the same nine-month span in 2022, exporters had garnered US $ 8.28 billion, as reported by the Office of Textiles and Apparel (OTEXA) in the US.
When considering both textile and apparel shipments collectively, the combined earnings amounted to US $ 5.92 billion, marking a decrease of 23.88 per cent.
The United States stands as the primary export destination for Bangladesh, with garment items worth US $ 10.02 billion shipped to the country in the preceding year—setting a record for a single year.
In the current year’s January-September period, the US witnessed a year-on-year decline of 22.81 per cent in apparel imports from the world, amounting to US $ 60.82 billion according to OTEXA data.
When textile and apparel products were considered jointly, the decline was 21.85 per cent, totalling US $ 81.13 billion.
Garment shipments, which contribute to nearly 85 per cent of national export receipts, have been facing a decline in recent months due to unsold stocks with retailers and brands.