Bangladesh’s share of apparel exports in the US market has seen a decline of 3.33 per cent year-on-year, raising concerns among industry stakeholders. Despite this downturn, the country’s overall exports have recorded an impressive growth of 11.76 per cent during the first five months of the fiscal year 2024-25, compared to the same period in the previous fiscal year.
According to data from the Export Promotion Bureau (EPB), Bangladesh’s exports totaled US $ 19.9 billion from July to November 2024, with readymade garments (RMG) accounting for a substantial 80.97 per cent of total exports.
In contrast, competitors in the region have reported varying trends. China experienced a slight decline of 1.06 per cent in apparel exports to the US, while India and Vietnam saw increases of 2.68 per cent and 3.93 per cent, respectively, during the same period. The rising share of Vietnam in the US market is particularly noteworthy, as it signifies increased competition for Bangladesh, which remains the second-largest exporter of RMGs globally.
In the financial year 2022-2023, Bangladesh’s RMG exports reached US $ 47 billion, a rise from US $ 42.6 billion the previous year. Furthermore, from July 2023 to May 2024, RMG exports grew by 2.86 per cent, amounting to US $ 43.85 billion.
Industry experts warn that the decline in market share in the US could impact Bangladesh’s competitive edge, highlighting the need for strategic initiatives to bolster its position against rivals like Vietnam.
