Bangladeshi exporters that increased are hopeful that buoyancy in the USA apparel market would help them to compensate for possible exports they are likely to suffer in Europe which is currently in an economic recession.
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque said the uptake of Bangladeshi apparel was above par, considering the current global economic situation. countries as they are going into an economic recession
He said Bangladesh exported more readymade garments in the first ten months of 2022 to the United States than during the entirety of 2021. First Bangladesh expects to cross the $10 billion barrier in exports to the United States. The exports in 2021 stood at $7.14 billion only.
Sparrow Group is a major RMG exporter to the US. Its Managing Director Shovon Islamadmitted that said the US market has been growing consistently. He said the apparel industry of Bangladesh has the potential to grab further the US apparel market. This he added would shield the exporters from export losses in Europe this year. He said since the United States had to reduce apparel imports from China due to geo-political reasons; this factor went in favor of Bangladesh RMG exporters.
The surge in export value to the US was also possible due to the increase in per-unit values of garments. President BRGMEA cited the example of shirts that last year fetched $12 per unit FOB (free on board) price, currently the exporters are fetching $25 FOB per unit for the same product.
