USA has showed strong signs of recovery in its RMG imports done during October ’20 and the same is resonated in the export figures of the major Asian manufacturing destinations – India and Bangladesh.
The country has increased its import from Bangladesh by 1.70 per cent (on Y-o-Y basis) and valued US $ 536 million in October ’20. As far as volumes are concerned, Bangladesh got a boost of 17.20 per cent on yearly basis as buyers placed orders to cater to the needs in the market during festive season.
The value-wise import of USA from Bangladesh also grew by 12.95 per cent on monthly note in October ’20 as compared to September ’20.
This is the second time in 2020 when USA’s RMG import from Bangladesh has increased both on M-o-M and Y-o-Y basis in a month. Previously, this happened in August.
On the other hand, India noted growth in volumes of the orders shipped to USA in October ’20 by 9 per cent as compared to October ’19, while the values fell marginally by just 0.1 per cent to clock US $ 316.34 million.
US imports of apparels from India also experienced a monthly surge of 17.36 per cent in values as against September ’20.
The start of the fourth quarter of 2020 has been positive for both India and Bangladesh, and the ongoing festive season in the USA till December is expected to bring more cheers to the exporters located in both the countries.
Stay connected as more data updates to come based on other major Asian and African countries.