U.S. Apparel Imports Show Modest Growth in 2024, but Bangladesh Faces Challenges
U.S. global apparel imports from January to November 2024 experienced a slight increase of 0.74% in dollar value compared to the same period in 2023. This positive shift was driven by steady growth over the last three months (September to November), reversing earlier declines and bringing the overall trend into positive territory. In volume terms, measured in square meter equivalents (SME), the growth was more significant at 5.24%. This indicates a 4.28% year-on-year drop in import prices during the same period, reflecting a downward trend in global apparel pricing.
Bangladesh, a major supplier to the U.S. market, saw mixed results during this period. While import volumes from Bangladesh grew by 3.95%, the dollar value of imports declined by 0.46%, and unit prices fell by 4.24%. This suggests that although export volumes were sustained, revenue was affected by lower pricing. The drop in prices may have been influenced by competitive pressures, changes in the product mix, or reductions in raw material costs.
Notably, U.S. imports from Bangladesh demonstrated robust growth from September through November 2024, culminating in a remarkable 41.6% year-on-year increase in November. However, this surge was partly due to the unusually low import levels recorded in November 2023. Despite these gains, Bangladesh’s growth rate lagged behind other key sourcing countries such as China (0.4%), Vietnam (4.54%), Indonesia (0.19%), and India (4.5%), reflecting the need for more strategic measures to enhance competitiveness.
The apparel trade landscape continues to evolve, with pricing and market dynamics playing a critical role in shaping outcomes for exporting nations like Bangladesh.
Mohiuddin Rubel
Former Director, BGMEA
Additional Managing Director, Denim Expert Ltd
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U.S. global apparel imports from January to November 2024 experienced a slight increase of 0.74% in dollar value compared to the same period in 2023. This positive shift was driven by steady growth over the last three months (September to November), reversing earlier declines and bringing the overall trend into positive territory. In volume terms, measured in square meter equivalents (SME), the growth was more significant at 5.24%. This indicates a 4.28% year-on-year drop in import prices during the same period, reflecting a downward trend in global apparel pricing.
Bangladesh, a major supplier to the U.S. market, saw mixed results during this period. While import volumes from Bangladesh grew by 3.95%, the dollar value of imports declined by 0.46%, and unit prices fell by 4.24%. This suggests that although export volumes were sustained, revenue was affected by lower pricing. The drop in prices may have been influenced by competitive pressures, changes in the product mix, or reductions in raw material costs.
Notably, U.S. imports from Bangladesh demonstrated robust growth from September through November 2024, culminating in a remarkable 41.6% year-on-year increase in November. However, this surge was partly due to the unusually low import levels recorded in November 2023. Despite these gains, Bangladesh’s growth rate lagged behind other key sourcing countries such as China (0.4%), Vietnam (4.54%), Indonesia (0.19%), and India (4.5%), reflecting the need for more strategic measures to enhance competitiveness.
The apparel trade landscape continues to evolve, with pricing and market dynamics playing a critical role in shaping outcomes for exporting nations like Bangladesh.
Mohiuddin Rubel
Former Director, BGMEA
Additional Managing Director, Denim Expert Ltd