BD apparel export to US market witness 62.23% growth during Jan-Mar of FY 2022
On the other hand, Bangladesh’s share in US apparel imports rose to 9.15 percent, which was over 8 percent last year.
The growth rate is much higher than the country’s total RMG exports. During January – March of 2022, Bangladesh earned $11.52 billion, up by 45.14 percent, which was $7.94 billion in the same period a year ago.
The United States of America is the single largest export destination for Bangladesh and over 21.50 percent of apparel export earnings came from the country.
Bangladesh supplies quality goods at affordable prices, while the US buyers are happy with the safety standard of the industry. As a result, export earnings from the country rose sharply in the first quarter of 2022, industry stakeholders opined.
On the other hand, soaring raw material prices also expedited the growth as buyers adjusted the prices of finished goods, said Salam also managing director of Envoy Group.
On top of that, knitwear exports also contributed a lot to overall apparel exports as the demands were high.
“Amid the pandemic, knitwear products export performed better as the supply of raw materials were stable because of its strong backward-linkage industry,” said Fazlee Shamim Ehsan, Vice President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).
Currently, the Knitwear sector can meet about 95% of the demand for fabrics from domestic sources.
According to Export Promotion Bureau (EPB) data, knitwear exports rose by 37.49 percent to $19.24 billion during July-April period of FY22. On the other hand, woven products posted a 34.23 percent growth to $16.11 billion in the same period.
Meanwhile, total apparel export during the July-April period of FY22 rose by 35.98 percent to $35.36 billion.