Between 2017 and 2022, the United States (USA) boosted its garment imports from Bangladesh by 13.99%, while their imports from the rest of the world climbed by 4.50% each year.
The United States is a key garment importer for both Bangladesh and the rest of the world. In 2022, the United States’ imports from the rest of the world climbed by 22.48 percent year on year to $ 99.93 billion, up from $ 81.58 billion in 2021.
Bangladesh remains the third largest garment source for the United States, accounting for 9.75 percent of total apparel imports in 2021, up from 8.76 percent in 2015.
In 2022, the United States’ garment imports from Bangladesh increased by 36.38 percent year on year. According to a BGMEA press release, the United States will import $9.74 billion in garments from Bangladesh in 2022, up from $7.16 billion in 2021 and $5.40 billion in 2018.
According to the statement, based on quantity-based figures assessed in per square meter equivalent (SME), the United States’ garment imports from Bangladesh increased 20.65% year on year, reaching 3.14 billion SME in 2022 from 2.60 billion in 2021.
In comparison, the United States’ imports from China fell by 3.11 percent in 2022 compared to 2021.
China, the main garment import source for the United States, with a 21.75 percent share, showed a 10.83 percent year-over-year increase in dollar value in 2022. The United States’ garment imports from China increased to $21.73 billion in 2022, up from $19.60 billion in 2021 and $27.37 billion in 2018.
Vietnam, on the other hand, remains in second place. The value of apparel imported into the United States from Vietnam was $12.21 billion in 2018, rising to $14.37 billion in 2021 and $18.24 billion in 2022. Vietnam’s proportion of total garment imports into the United States climbed to 18.26 percent in 2022, up from 14.74 percent in 2018.
India and Indonesia have both grown by more than 35% in 2022 compared to 2021. Both countries’ shares climbed to 5.69 percent and 5.61 percent in 2022, respectively, from 4.59 percent and 5.40 percent in 2018.
In 2022, Cambodia had a 28.46 percent growth rate, South Korea had a 25.08 percent growth rate, Pakistan had a 24 percent growth rate, Honduras had a 19.85 percent growth rate, and Mexico had an 11.50 percent growth rate. These countries’ share rose during the year in question.
Because Bangladesh’s share of US apparel imports is just 9.75 percent, BGMEA president Faruque Hassan believes there is a significant chance to raise the share further, noting that Bangladesh has recently surpassed the US in denim imports.
“There are few more product categories where we’ve potential to further penetrate. Besides, we still have a number of US brands yet to source from Bangladesh or are sourcing at a limited scale. So, while we urge for diversifying our markets, we think we still have a huge scope of specialization in the existing ones,” he added.
The BGMEA president said they are committed to deliver the best to its customers, and U.S.A. being the largest market for Bangladesh remains the biggest beneficiary of all efforts.
Mentioning that there have been few issues in trade between USA and Bangladesh, especially the cotton fumigation requirement while importing cotton from USA, Faruque said, “Our government has already waived the mandatory fumigation requirement for importing cotton from USA. This will certainly reduce the time and cost of business of our importers”.
He stated that they are currently seeking the US government about duty-free market access to the US for garments manufactured of US cotton. “This reciprocity will benefit US cotton growers, apparel brands, and consumers, while Bangladesh will gain an advantage as a result of its preference for US cotton.”
Apart from that, Faruque stated that the BGMEA is collaborating with the American Apparel & Footwear Association (AAFA) on many subjects to facilitate commerce between Bangladesh and the United States.
He said the 38th IAF World Fashion Convention will be organized in Philadelphia in October this year.
“We’ll take part in this conference being a member of IAF and myself being a Director of the Board of IAF. I believe we’ll get a significant opportunity there to highlight Bangladesh and our RMG industry,” the BGMEA president added.
