Bangladesh’s Clothes Sales to US Drop in 2023

Bangladesh’s Clothes Sales to US Drop in 2023

Bangladesh: their clothing exports to the US, their biggest customer, tanked 25% last year. This means less money for the country and fewer fancy threads for American closets.

Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan said that Bangladesh was not the only country which witnessed negative growth in exporting apparel to the US market rather the exports of all readymade garment manufacturing countries declined on the market in 2023.

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Why the slump? Two main reasons:

• Global slowdown: The world economy isn’t doing great, so people are buying less stuff, including clothes.
• High prices: Inflation is hitting everyone hard, making clothes more expensive and people more cautious about spending.

The OTEXA data showed that Bangladesh’s position remained unchanged as the third-largest apparel exporter to the US market while China and Vietnam occupied the first and the second highest positions with 20.96 per cent and 18.21 per cent share respectively.

But wait, there’s more! While Bangladesh’s sales dropped, other clothing makers also saw dips. The US just bought less clothes overall.

Good news (maybe): US sales picked up in December, so Bangladesh’s exports might bounce back soon.

Here’s the quick rundown:

• Bangladesh’s clothes sales to the US dropped 25% in 2023.
• Blame the global slowdown and high prices.
• Other clothing makers also saw sales drop.
• US sales are picking up, so things might improve for Bangladesh.

RMG imports by the US from Indonesia in 2023 decreased by 25.19 per cent to $4.19 billion while the imports from Cambodia fell by 23.58 per cent to $3.32 billion in the year, the OTEXA data showed.

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