“In such a context, Bangladesh needs to step up its diplomatic efforts in our major export markets, like the US, to create an enabling environment to expand trade,” said BGMEA President at a meeting with M Shahidul Islam, Bangladesh Ambassador to the USA, in Washington DC recently.įaruque Hassan also called upon Ambassador Shahidul Islam to assist in attracting investment from the US businessmen and non-resident Bangladeshis in textile industries in Bangladesh.īGMEA Vice President Miran Ali and Director Abdullah Hil Rakib, and Deputy Chief of Mission Ferdousi Shahriar and Commercial Counsellor Md Salim Reza were also present at the meeting. to represent the garment industry of Bangladesh and showcase its success stories and potential among international brands and buyers. “As you know that our RMG export to the USA grew by 49.38% and earned $5.08 billion during July-January of FY2021-22, a significant growth,” added Faruque Hassan – who is currently leading BGMEA delegation team in the Executive Summit of American Apparel & Footwear Association (AAFA) being held in Washington D.C. While apparel export growth from India grew by 53.40%, Pakistan 44.41%, Cambodia 42.12% in the USA.įaruque Hassan, President, BGMEA said, “Newer challenges will emerge for Bangladesh in the post-LDC era, as the trade facilities – currently being enjoyed by the country – will no longer be available after the graduation.” While Vietnam exported $1.27 billion RMG in the first month of the present calendar year. The overall US apparel imports from the world also augmented by 36.60% to $7.54 billion on January 2022 – from $5.52 billion in the same month of 2021, the OTEXA data showed.įigure: In growth terms, Bangladesh’s RMG exports to the USA outshined its rivals China and Vietnam in January 2022.Īmong other top apparel exporting countries to the USA, China exported $1.90. The OTEXA data also revealed that in terms of volume – the USA imported 282.38 million square meters of RMG from Bangladesh. While the country exported $519 million RMG goods in January 2021. In terms of export growth, the country outshined its rivals China and Vietnam.Īs per the OTEXA data, the USA imported $756 million worth of apparel items from Bangladesh in January 2022. This is largely due to the country’s over-reliance on imported sources of energy such as oil, gas, and coal.Originally posted in Textile Today on 13 March 2022īangladesh’s readymade garment (RMG) exports to the USA upheld an impressive growth – both in terms of value and volume – in January 2022. Moreover, the countrywide gas and electricity crisis has compelled the industry to cut down on production by almost 40 per cent. The downward trend can be attributed to the ongoing global economic crisis, which has led to a decrease in the number of export orders. During the initial eight months of FY 2022-23, the exports of home textiles decreased by 22.53 per cent to $769.86 million compared to $993.76 million in the last fiscal. The home textiles sector, an emerging industry in Bangladesh, has also seen a decline in export earnings. Jute yarn exports have suffered due to a drop in demand among carpet manufacturers from Turkiye and China, the main users of the product. As per Bangladesh Jute Goods Exporters Association, if the Bangladesh government manages to withdraw the anti-dumping duty imposed by India, the sector could earn an additional $300 million annually. The jute industry has been negatively affected by the global economic slowdown, declining demand, rising domestic production costs, and anti-dumping duties imposed by India. Meanwhile, the jute and jute goods sector has seen a decline in earnings, dropping by 23.68 per cent to $610.08 million in the same eight-month period, contributing only 1.65 per cent to total export earnings. In contrast, the jute and jute goods sector has seen a decline of 23.68 per cent, while the home textiles sector has decreased by 22.53 per cent due to the global economic crisis and energy crisis. Bangladesh's RMG sector continues to be the main contributor to its exports, with a 14.06 per cent increase in earnings in the first eight months of FY 2022-23.
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