Bangladesh's apparel exports to the US declined by 10.27 per cent Y-o-Y to $4.57 billion duringJan-July’24, as per the updated statistics of the Office of Textiles and Apparel (OTEXA) under the US Department of Commerce.

During this period, apparel imports by the US also declined by 4.65 per cent to $43.63 billion. Apparel exports from the top five exporting countries, including Bangladesh, decreased in the US market. Among these, Bangladesh experienced the steepest decline. Last year, Bangladesh exported $7.29 billion worth of apparel to the US. Currently, it holds 9 per cent of the US market share, making it the third-largest apparel exporter to the US.

China remains the top apparel exporter to the US, with exports totaling $8.75 billion in the first seven months of 2024. This marks a 4.22 per cent decrease compared to the same period in 2023. The second-largest apparel exporter to the US, Vietnam’s garments exports declined by 1.5 per cent to $8.08 billion from the $8.22 billion recorded last year.

Despite the recent challenges, including the quota reform movement, student protests, floods, and labor unrest, the Bangladeshi apparel industry remains optimistic about the US market following the formation of an interim government led by Nobel laureate economist Dr. Muhammad Yunus. However, these disruptions have affected the industry’s production and exports over the past two months, causing some uncertainty.

While the overall global apparel market has faced difficulties, including reduced demand and market fluctuations, industry leaders in Bangladesh remain hopeful for a recovery, especially as they continue to navigate the evolving landscape of international trade and labor issues.