Bangladesh’s RMG exports to the US fell by 3.31% to $6.14 billion in the January-October period of 2024, which was $6.35 billion in the same period of 2023.
The numbers were published by The Commerce Department's Office of Textiles and Apparel (Otexa).
The US’s RMG imports have been slow due to inflation and slower sales for the past few months overall, which has also impacted Bangladesh’s industry.
In January-October 2024, the US’s apparel imports decreased by 0.43% to $67.04 billion, down from $67.33 billion in the same period of 2023, according to Otexa data.
However, in terms of volume, Bangladesh RMG exports to the US in January-October of 2024 saw a positive growth of 1.02% to 1.96 billion square metres from 1.94 billion square metres in the first 10 months of 2023.
This means that Bangladesh is still lagging behind in ensuring fair prices. Recently, RMG manufacturers said that they are facing increasing challenges due to lower prices set by global brands. RMG manufacturers warn that the price deduction could make it harder for them to maintain sustainability and comply with labour rights.
Talking to Dhaka Tribune, Mohiuddin Rubel, director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said that in 2024, the US's global clothing imports have consistently slowed, adding that the industry has a chance to get a larger share of the market and negotiate better prices.
In 2024, Bangladesh earned $548.09 million in January, $637.20 million in February, $570.98 million in March, $550.60 million in April, $596.74 million in May, $496.87 million in June, $695.33 million in July, 614.19 million in August, $705.20 million in September, and $731.62 million in September.
According to their data, China and Vietnam held the first and second highest positions in the US market as of October 2024, respectively.
Among the other major suppliers, US apparel imports from China in January-October experienced a negative growth of 1.41% to $14.23 billion from $14.31 billion in the mentioned period of 2023. China has a market share of 20.83%.
Vietnam exported apparel items worth $12.70 billion in the first ten months of 2024, fetching a positive growth of 3.87% from $12.23 billion in the same period of 2023, claiming a market share of 18.88%, Otexa data stated.
Followed by Bangladesh, India secured the fourth position by exporting apparel items worth $4.05 billion in the first ten months of 2024, registering a positive growth of 2.68% from $3.95 billion in January-October of 2023. India has a market share of 5.89% in the US.
According to the Otexa data, the US RMG imports from Indonesia decreased by 1.51% to $3.61 billion, while the imports from Cambodia increased by 12.85% to $3.22 billion in the same period, which made them the fifth and sixth with a market share of 5.33% and 4.75% respectively.
In 2023, apparel exports to the US experienced a negative year-on-year growth of 25.07% to $7.29 billion, which was $9.72 billion in 2022. Bangladesh has a market share of 9.37% in 2023 in the apparel market of the North American country.