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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