Insights into Bangladesh’s Position in the US Apparel Market for 2024
Dear Colleagues, Friends and well-wishers, I hope this message finds you well. I am writing to share some insights into the US apparel import from the world and from Bangladesh for the year 2024, based on the latest trade data published by Otexa.
Despite the fact that USA’s global apparel import experienced a modest growth of 1.82% in value and a more substantial 5.88% increase in volume, the average unit price faced a decline of 3.83% (year on year). This indicates a highly competitive market environment in the US with significant downward pressure on pricing.
Bangladesh, a key player in the US market, has demonstrated resilience with a marginal increase of 0.73% in export value to the US, amounting to approximately US$7.34 billion in 2024. Additionally, there was a commendable growth of 4.86% in export volume. However, we must also acknowledge the 3.94% decrease in unit price, which directly affects our industry’s competitiveness.
When compared with other major apparel exporting countries, Bangladesh’s performance can be considered moderate. Vietnam, for instance, exhibited a robust growth of 5.67% in value and 9.47% in volume. India also showed notable progress with a 4.95% increase in value and a 13.09% rise in volume. Cambodia particularly excelled with a 14.48% increase in value and an 18.45% growth in volume, underscoring its growing competitiveness.
Conversely, Mexico and Korea encountered challenges, with Mexico seeing a 6.78% decrease in value and a 15.18% drop in volume, and Korea experiencing a 12.94% reduction in value and a 5.56% decrease in volume.
The relatively slower growth of Bangladesh’s exports to the US, in comparison to other major suppliers, highlights the necessity for strategic initiatives. While the current trade tensions offer potential opportunities for Bangladesh, it is imperative that we proactively tackle our challenges and limitations to capitalize on these opportunities effectively. I believe that with focused efforts on value addition, market diversification, and operational efficiency, Bangladesh can strengthen its position in the US apparel market and beyond.
Best regards,
Fruque Hassan, Managing Director, Giant Group
Director, International Apparel Federation (IAF)
Former President, BGMEA
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Dear Colleagues, Friends and well-wishers, I hope this message finds you well. I am writing to share some insights into the US apparel import from the world and from Bangladesh for the year 2024, based on the latest trade data published by Otexa.
Despite the fact that USA’s global apparel import experienced a modest growth of 1.82% in value and a more substantial 5.88% increase in volume, the average unit price faced a decline of 3.83% (year on year). This indicates a highly competitive market environment in the US with significant downward pressure on pricing.
Bangladesh, a key player in the US market, has demonstrated resilience with a marginal increase of 0.73% in export value to the US, amounting to approximately US$7.34 billion in 2024. Additionally, there was a commendable growth of 4.86% in export volume. However, we must also acknowledge the 3.94% decrease in unit price, which directly affects our industry’s competitiveness.
When compared with other major apparel exporting countries, Bangladesh’s performance can be considered moderate. Vietnam, for instance, exhibited a robust growth of 5.67% in value and 9.47% in volume. India also showed notable progress with a 4.95% increase in value and a 13.09% rise in volume. Cambodia particularly excelled with a 14.48% increase in value and an 18.45% growth in volume, underscoring its growing competitiveness.
Conversely, Mexico and Korea encountered challenges, with Mexico seeing a 6.78% decrease in value and a 15.18% drop in volume, and Korea experiencing a 12.94% reduction in value and a 5.56% decrease in volume.
The relatively slower growth of Bangladesh’s exports to the US, in comparison to other major suppliers, highlights the necessity for strategic initiatives. While the current trade tensions offer potential opportunities for Bangladesh, it is imperative that we proactively tackle our challenges and limitations to capitalize on these opportunities effectively. I believe that with focused efforts on value addition, market diversification, and operational efficiency, Bangladesh can strengthen its position in the US apparel market and beyond.
Best regards,
Fruque Hassan, Managing Director, Giant Group
Director, International Apparel Federation (IAF)
Former President, BGMEA