Bangladesh's apparel exports to US fall 25% in 2023

12 Feb '24

2 min read

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Bangladesh's 2023 apparel exports to the US fell by 25.07 per cent YoY to $7.28 billion due to domestic production issues and excess inventory in US stores.
The latter imported 2.25 billion square metres of apparel from the former in 2023—27.94 per cent lower YoY.
Overall US apparel imports also decreased last year by 22.05 per cent YoY to $77.84 billion.

Bangladesh's apparel exports to the United States dropped by 25.07 per cent year on year (YoY) last year to $7.28 billion due to domestic production issues and excess inventory in US retail stores arising out of dampened consumer demand due to high inflation and rising interest rates globally, figures from the US Office of Textiles and Apparel (OTEXA) released this month show.

Domestic challenges for garment exporters included inconsistent power and energy supply and a US dollar shortage for raw materials.

Official US data indicate the slump in both value and volume of exports, according to Bangladesh media reports.

The United States imported 2.25 billion square metres of apparel from Bangladesh last year—27.94 per cent lower YoY.

Overall US apparel imports also decreased last year by 22.05 per cent YoY to $77.84 billion.

China's apparel exports to the United States stood at $16.31 billion last year, a 24.98 per cent YoY decline. The Asian giant’s share of the US apparel market fell from 37.32 per cent in 2013 to 20.96 per cent in 2023, while Bangladesh's share rose to 9.37 per cent last year, up from 6.20 per cent in 2013.

US apparel imports from Vietnam and India last year saw negative growth of 22.29 per cent and 21.42 per cent respectively.

Vietnam and India held 18.21 per cent and 5.74 per cent share in the US apparel market respectively, while Cambodia and Indonesia saw respective declines of 23.58 per cent and 25.19 per cent, capturing 4.27 per cent and 5.38 per cent market share last year.

Fibre2Fashion News Desk (DS)

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