Bangladesh Garment Exports To US Plunge 24.75% In Jan To Oct

In the first ten months of 2023, Bangladesh’s garment exports to the US totaled US $6.35 billion plunging by 24.75 percent year on year.

In volume terms, apparel overseas shipments to the US between January and October dropped higher at 29.51 percent to 1.95 billion square metres from 2.41 billion square metres in the same period of 2022.

Experts attributed the fall mainly to a significant decrease in clothing demand from US consumers over the past 12 months, due to high inflation.

“In October, clothing exports to the US decreased by a massive 36.50 percent from a year ago month to $578.35 million,” data from US Department of Commerce’s Office of Textiles and Apparel (OTEXA) said.

In the first ten months of 2023, Bangladesh remained the third biggest exporter of garments to the US with a share of 9.54 percent, while that of China was 20.71 percent and of Vietnam 18.01 percent.