Bangladesh Experiences Modest Growth in US Apparel Imports Amidst 2024 Market Volatility
The latest data on US apparel imports from January to December 2024, shows the performance of major supplying countries in the global apparel market. Despite a modest overall growth in US apparel imports, with a 1.82% increase in value and a 5.88% rise in volume, there was a notable 3.83% decrease in average unit prices, indicating a competitive market with downward pressure on pricing.
Bangladesh managed to hold its ground, achieving a slight 0.73% increase in export value to the US, reaching US$7.34 billion. The country also experienced a 4.86% growth in export volume. However, similar to the overall market trend, Bangladesh faced a 3.94% decline in unit price, which has a direct impact on profitability.
In comparison to other key apparel exporting countries, Bangladesh’s performance was moderate. Vietnam showed a robust 5.67% increase in value and a 9.47% rise in volume, while India demonstrated significant growth with a 4.95% increase in value and a 13.09% rise in volume. Cambodia stood out with a remarkable 14.48% increase in value and an 18.45% growth in volume, highlighting its competitive edge in the market.
On the other hand, Mexico and Korea faced challenges, with Mexico experiencing a 6.78% decrease in value and a 15.18% drop in volume, and Korea seeing a 12.94% reduction in value and a 5.56% decrease in volume.
As Bangladesh has shown a relatively slower growth in its export to the US compared to the major suppliers, it underscores the need for strategic initiatives to address the issues and declining competitiveness. While the escalating trade tensions present potential opportunities for Bangladesh, it is imperative that we proactively address our own challenges and limitations to seize these advantages effectively.
Former Director, BGMEA, Managing Director, Bangladesh Apparel Exchange
Additional Managing Director, Denim Expert Ltd
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The latest data on US apparel imports from January to December 2024, shows the performance of major supplying countries in the global apparel market. Despite a modest overall growth in US apparel imports, with a 1.82% increase in value and a 5.88% rise in volume, there was a notable 3.83% decrease in average unit prices, indicating a competitive market with downward pressure on pricing.
Bangladesh managed to hold its ground, achieving a slight 0.73% increase in export value to the US, reaching US$7.34 billion. The country also experienced a 4.86% growth in export volume. However, similar to the overall market trend, Bangladesh faced a 3.94% decline in unit price, which has a direct impact on profitability.
In comparison to other key apparel exporting countries, Bangladesh’s performance was moderate. Vietnam showed a robust 5.67% increase in value and a 9.47% rise in volume, while India demonstrated significant growth with a 4.95% increase in value and a 13.09% rise in volume. Cambodia stood out with a remarkable 14.48% increase in value and an 18.45% growth in volume, highlighting its competitive edge in the market.
On the other hand, Mexico and Korea faced challenges, with Mexico experiencing a 6.78% decrease in value and a 15.18% drop in volume, and Korea seeing a 12.94% reduction in value and a 5.56% decrease in volume.
As Bangladesh has shown a relatively slower growth in its export to the US compared to the major suppliers, it underscores the need for strategic initiatives to address the issues and declining competitiveness. While the escalating trade tensions present potential opportunities for Bangladesh, it is imperative that we proactively address our own challenges and limitations to seize these advantages effectively.
Former Director, BGMEA, Managing Director, Bangladesh Apparel Exchange
Additional Managing Director, Denim Expert Ltd