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BGMEA says Bangladesh Holds Firm as 3rd Largest US Apparel Source in 2022

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In a recent communication to its members and associates, BGMEA President Faruque Hassan shared that Bangladesh continues to hold its position as the third largest supplier of apparel to the USA in 2022. The country accounts for 9.75% of the USA’s total apparel imports, reflecting an increase from 8.76% in 2021.
The apparel import landscape between the two nations witnessed significant growth in 2022, with clothing imports from Bangladesh to the USA surging by an impressive 36.38% compared to the previous year. This resulted in a total import value of US$ 9.74 billion in 2022, a notable rise from US$ 7.16 billion in 2021 and US$ 5.40 billion in 2018.
Undoubtedly, the USA stands as a prominent apparel importing nation, not only for Bangladesh but also globally. Over the span of five years (2017-2022), the USA’s imports of apparel from Bangladesh have demonstrated a Compound Annual Growth Rate (CAGR) of 13.99%, outpacing its 4.50% annual import growth from the rest of the world.
China remains the leading source of apparel imports for the USA, contributing a significant 21.75% share. This position was fortified by a 10.83% year-on-year growth in dollar value in 2022. Meanwhile, Vietnam retains its position in second place, marked by a progression from US$ 12.21 billion in 2018 to US$ 18.24 billion in 2022.
Notable growth in apparel imports was also observed from Cambodia (28.46%), South Korea (25.08%), Pakistan (24%), Honduras (19.85%), and Mexico (11.50%) throughout 2022. The share of imports from these nations likewise experienced an upward trajectory.
President Faruque Hassan underscored the untapped potential for Bangladesh to expand its share further in the USA’s apparel market. While currently representing only 9.75% of the total imports, Bangladesh has managed to secure the top position in the USA’s denim imports, indicating room for penetration in other product categories.
Addressing trade-related issues, the letter highlighted specific concerns, particularly regarding the mandatory cotton fumigation requirement for importing cotton from the USA. The Bangladesh government’s decision to waive this requirement is anticipated to streamline trade processes, ultimately reducing time and costs for importers.
In conclusion, Bangladesh’s steadfast presence as a significant player in the USA’s apparel market underscores both the nation’s industry resilience and the potential for continued growth and collaboration in the years ahead.
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Bangladesh Aims to Enhance Bilateral Ties with South Korea in Trade and Investment

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Bangladesh is eager to strengthen its bilateral relations with South Korea, particularly in the realms of trade and investment, in pursuit of realizing the dream of achieving a ‘Golden Bengal,’ as envisioned by the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman.

State Minister for Foreign Affairs, Md Shahriar Alam, expressed this commitment as the chief guest at a reception commemorating South Korea’s National Foundation Day. The reception, hosted by South Korean Ambassador to Bangladesh Park Young-Sik, took place at a city hotel on Sunday evening.

During his speech, Minister Alam conveyed Dhaka’s contentment with the consistent growth in bilateral trade and investment between Bangladesh and South Korea. He highlighted the 50-year history of robust bilateral relations and expressed optimism about elevating this friendship to a deeper and more comprehensive level of collaboration.

Furthermore, Minister Alam referenced the recent meeting between Prime Minister Sheikh Hasina and President Yoon Suk Yeol on the sidelines of the G20 Leaders Summit in India, underlining the significance of such high-level engagements.

He reiterated Prime Minister Sheikh Hasina’s vision of establishing a knowledge and technology-based prosperous and intelligent Bangladesh by the year 2041.

Minister Alam also expressed gratitude for South Korea’s prompt recognition of Bangladesh as an independent state shortly after its independence on May 12, 1972.

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Vietnam’s National Assembly President Attends Forum in Dhaka for Economic Collaboration with Bangladesh

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Vuong Dinh Hue, the President of the Vietnam National Assembly, recently participated in an event held in Dhaka known as the ‘Forum on Policies and Laws to Foster Economic, Trade, and Investment Collaboration between Vietnam and Bangladesh.’ This significant gathering was jointly organized by the Vietnamese Ministry of Industry and Trade, the Ministry of Planning and Investment, the Vietnamese Embassy in Bangladesh, and in cooperation with key entities including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Vietnamese Business Association in Bangladesh.

The forum drew the presence of a distinguished high-level delegation from the Vietnamese National Assembly, alongside prominent figures from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the Dhaka Chamber of Commerce and Industry (DCCI), and a substantial representation from businesses on both sides. Additionally, various ministries from both Vietnam and Bangladesh were represented.

During the forum, three notable business-to-business Memoranda of Understanding (MoUs) were inked. These agreements included collaboration between BMH Vietnam Company and Doreen Group Bangladesh, focusing on investment cooperation, technology transfer, and the advancement of pre-engineered steel production. Another agreement was reached between Bangladesh Vietnam Development Assistance Company and the Bangladesh Pharmaceutical Association, with a specific focus on pharmaceutical exchange. Lastly, Huong Giang Aviation Services and the Bangladesh Tourism Association came together to establish a tourism alliance, marking a significant step in enhancing tourism ties between the two nations.

As part of his official three-day tour, Vuong Dinh Hue visited the state-of-the-art facilities of Beximco Pharma in Tongi, where he received an informative presentation and toured the manufacturing facility.

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Bangladesh’s Commitment to SDGs Unshaken Despite Global Challenges, Says PM

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Prime Minister Sheikh Hasina has reaffirmed her government’s unwavering commitment to implementing the Sustainable Development Goals (SDGs), even in the face of challenges posed by the Covid-19 pandemic, the Ukraine war, and the climate crisis. She made this declaration during a meeting with Helen Clark, Chair of the Partnership for Maternal, Newborn and Child Health (PMNCH), at the United Nations Headquarters.

As part of her commitment to healthcare services accessibility for all citizens, PM Sheikh Hasina mentioned the implementation of the National Health Sector Strategic Plan (2011-2030) and a 27% increase in healthcare sector allocations for the current fiscal year 2023-24.

Helen Clark commended Bangladesh’s exceptional progress in healthcare under Prime Minister Sheikh Hasina’s visionary leadership, citing the nation’s remarkable achievements in reducing maternal and child mortality rates and ensuring universal healthcare services.

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