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Bangladesh's apparel exports to the United States, its biggest export market, plunged by more than 36 per cent in January 2024.
The decline is evident in both the value and volume of exports, according to US official data.
Official figures from the Office of Textiles and Apparel (OTEXA) released on March 7 show that Bangladesh's readymade garment (RMG) exports to the US totalled $549.98 million in January 2024, a 36.50 per cent drop compared to the $866.08 million earned in January 2023.
The US imported 175 million square metres of apparel from Bangladesh in January 2024, which was about 34 per cent lower than the 266 million square metres shipped in January 2023.
The overall US import of apparel in the first month of 2024 from the world also decreased by 16.53 per cent to $6.04 billion, down from $7.23 billion in January 2023, according to OTEXA data.
The data also showed that Bangladesh's key competitors, China and Vietnam, also registered negative export growth of 2.03 per cent and 4.76 per cent respectively, to the US market in January 2024, reflecting a better condition than Bangladesh.
OTEXA data shows that China's apparel exports to the US in January 2024 stood at $1.41 billion, a 2.03 per cent decline from US$2.44 billion in January 2023.
Similarly, US apparel imports from Vietnam and India in January 2024 experienced negative growth of 4.76 per cent and 27.11 per cent, respectively, reaching $1.20 billion and $353.71 million.
Exports from Cambodia and Indonesia saw respective declines of 10.65 per cent and 34.49 per cent, according to data.
Munni_fe@yahoo.com