Continued growth in exports to the US market is a silver lining for the overall apparel sector of Bangladesh despite the threat of a slump in demand in European countries amid an ongoing recession, exporters have said.
The country’s apparel exports to the USA, its single-largest export destination, grew 48.6% to $8.46 billion year-on-year during the first 10 months of the current year, according to data obtained from the Office of Textiles and Apparel (OTEXA), an affiliate of the US Department of Commerce. The export growth took place both in terms of value and volume during the period.
Exporters have expressed hope that increased business in the USA would make up for any possible export losses in European countries as they are going into an economic recession.
Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the performance of the country’s apparel sector in the USA was very good considering the current global economic situation.
“Exports to the US market in the first ten months of this year are higher than that of the entire 2021,” he said, adding that Bangladesh’s apparel exports to the US are expected to reach $10 billion at the end of this year, up from $7.14 billion a year ago.
The BGMEA president identified three main reasons behind this growth in exports to the USA – buyers’ confidence in Bangladeshi exporters due to the apparel diplomacy they have been following until now, an increase in unit prices in…
