Bangladesh’s RMG exports to US cross $10b in 2022

[Black_cats]

Bangladesh’s RMG exports to US cross $10b in 2022​

Staff Correspondent | Published: 21:58, Feb 08,2023

Bangladesh’s apparel and textile exports to the United States crossed $10 billion in 2022 amid global economic volatility as the US shifted a good chunk of its business from China.

According to the latest US Department of Commerce’s Office of Textiles and Apparel data released on Tuesday, the US apparel and textile imports from Bangladesh in 2022 grew by 35.38 per cent to $10.04 billion compared with that of $7.42 billion in 2021.

Readymade garment exports from Bangladesh to the US in 2022 increased by 36.38 per cent to $9.74 billion from $7.14 billion in 2021, the data showed.

Share of Bangladeshi apparel in the US market in 2022 increased to 9.75 per cent from 8.76 per cent in 2021, the OTEXA data showed.

Exporters said that Bangladesh gained share in the US market in 2022 due to the China plus one policy of North America.

They said that the US started relocating its sourcing from China after a trade war began between the two countries in 2018 and it would not end in near future.

Exporters said that Bangladesh received a chunk of business shifted from China and at the same time buyers relocated their manufacturing from Myanmar to Bangladesh.

Mahmud Hasan Khan Babu, managing director of Rising Group, said that Bangladesh’s share in the US apparel market would increase more in coming days as shifting from China by the western buyers would continue.

The total US imports of readymade garments from the world in 2022 increased by 22.48 per cent to nearly $100 billion compared with that of $51.59 billion in 2021.

The OTEXA data showed that Bangladesh’s position remained unchanged as the third-largest apparel exporter in the US market with 9.75 per cent share while China and Vietnam occupied the first and the second highest positions with 21.75 per cent and 18.26 per cent share respectively.

The market share of Chinese apparel was 24.03 per cent in 2021.

The data showed that the import of apparel by the US from China in 2022 grew by 10.83 per cent to $21.73 billion from $19.61billion in 2021.

After the Rana Plaza building collapse in 2013, which killed more than 1,100 people of whom mostly were readymade garment workers, the US government suspended duty-free market access of Bangladeshi products under generalised system of preferences showing poor working condition as an excuse although RMG was never entitled for the GSP facility on the US market.

In 2013, Bangladesh’s share of the US apparel market was 6.20 per cent and the share increased to 9.75 per cent in past nine years.

The share of Chinese apparel in the US market was 37.32 per cent in 2013 and it decreased to 21.75 per cent in 2022, the US data showed.

Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan said that growth of apparel exports to the US market was encouraging as Bangladeshi suppliers gained confidence of global buyers amid a supply chain disruption caused by the Russia-Ukraine war.

He said that export earnings increased amid the global economic slowdown as unit prices increased due to the price hike of raw materials and growing shipment of high value added products.

RMG imports by the US from Vietnam in 2022 increased by 26.97 per cent to $18.24 billion from $14.37 billion in the past year.

India’s RMG exports to the US market in 2022 grew by 35.50 per cent to $5.68 billion from $4.19 billion in the previous year.

RMG imports by the US from Indonesia in 2022 increased by 35.29 per cent to $5.60 billion while the imports from Cambodia grew by 28.46 per cent to $4.35 billion in the year, the OTEXA data showed.

Bangladesh’s RMG exports to US cross $10b in 2022

Bangladesh’s apparel and textile exports to the United States crossed $10 billion in 2022 amid global economic volatility as the US shifted a good chunk of its business from China. According to the latest...

www.newagebd.net

 

[UKBengali]

The best days of BD garment industry are still to come and it should aim for a minimum of 100 billion US dollars a year of garment exports by 2030.

 

[mb444]

BD RMG growth in USA is occurring without any advantageous trade condition such as that exist in EU.

BD post DC graduation should be fine in EU as well as BD is the best in the sector it operates in.

 

[UKBengali]

BD RMG growth in USA is occurring without any advantageous trade condition such as that exist in EU.

BD post DC graduation should be fine in EU as well as BD is the best in the sector it operates in.

Said it before but quotas and tariff-free access are harming BD garment industry and the sooner they are removed the better.

 

[EasyNow]

Bangladesh’s RMG exports to US cross $10b in 2022​

Staff Correspondent | Published: 21:58, Feb 08,2023

Bangladesh’s apparel and textile exports to the United States crossed $10 billion in 2022 amid global economic volatility as the US shifted a good chunk of its business from China.

According to the latest US Department of Commerce’s Office of Textiles and Apparel data released on Tuesday, the US apparel and textile imports from Bangladesh in 2022 grew by 35.38 per cent to $10.04 billion compared with that of $7.42 billion in 2021.

Readymade garment exports from Bangladesh to the US in 2022 increased by 36.38 per cent to $9.74 billion from $7.14 billion in 2021, the data showed.

Share of Bangladeshi apparel in the US market in 2022 increased to 9.75 per cent from 8.76 per cent in 2021, the OTEXA data showed.

Exporters said that Bangladesh gained share in the US market in 2022 due to the China plus one policy of North America.

They said that the US started relocating its sourcing from China after a trade war began between the two countries in 2018 and it would not end in near future.

Exporters said that Bangladesh received a chunk of business shifted from China and at the same time buyers relocated their manufacturing from Myanmar to Bangladesh.

Mahmud Hasan Khan Babu, managing director of Rising Group, said that Bangladesh’s share in the US apparel market would increase more in coming days as shifting from China by the western buyers would continue.

The total US imports of readymade garments from the world in 2022 increased by 22.48 per cent to nearly $100 billion compared with that of $51.59 billion in 2021.

The OTEXA data showed that Bangladesh’s position remained unchanged as the third-largest apparel exporter in the US market with 9.75 per cent share while China and Vietnam occupied the first and the second highest positions with 21.75 per cent and 18.26 per cent share respectively.

The market share of Chinese apparel was 24.03 per cent in 2021.

The data showed that the import of apparel by the US from China in 2022 grew by 10.83 per cent to $21.73 billion from $19.61billion in 2021.

After the Rana Plaza building collapse in 2013, which killed more than 1,100 people of whom mostly were readymade garment workers, the US government suspended duty-free market access of Bangladeshi products under generalised system of preferences showing poor working condition as an excuse although RMG was never entitled for the GSP facility on the US market.

In 2013, Bangladesh’s share of the US apparel market was 6.20 per cent and the share increased to 9.75 per cent in past nine years.

The share of Chinese apparel in the US market was 37.32 per cent in 2013 and it decreased to 21.75 per cent in 2022, the US data showed.

Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan said that growth of apparel exports to the US market was encouraging as Bangladeshi suppliers gained confidence of global buyers amid a supply chain disruption caused by the Russia-Ukraine war.

He said that export earnings increased amid the global economic slowdown as unit prices increased due to the price hike of raw materials and growing shipment of high value added products.

RMG imports by the US from Vietnam in 2022 increased by 26.97 per cent to $18.24 billion from $14.37 billion in the past year.

India’s RMG exports to the US market in 2022 grew by 35.50 per cent to $5.68 billion from $4.19 billion in the previous year.

RMG imports by the US from Indonesia in 2022 increased by 35.29 per cent to $5.60 billion while the imports from Cambodia grew by 28.46 per cent to $4.35 billion in the year, the OTEXA data showed.

Bangladesh’s RMG exports to US cross $10b in 2022

Bangladesh’s apparel and textile exports to the United States crossed $10 billion in 2022 amid global economic volatility as the US shifted a good chunk of its business from China. According to the latest...

www.newagebd.net

I believe we will see a pattern going forward of Western orders being diverted from China to alternative providers like BD.

Hopefully BD can grab as many opportunities sectors as possible- bikes, umbrellas and consumer goods of all sorts.

 

[UKBengali]

I believe we will see a pattern going forward of Western orders being diverted from China to alternative providers like BD.

Hopefully BD can grab as many opportunities sectors as possible- bikes, umbrellas and consumer goods of all sorts.

Would have happened anyway as Chinese wages keep rising towards developed economy levels by 2030 but BD is benefitting from the accelerated shift.

 

[UKBengali]

Looking at the graph, it seems that Vietnam and BD are replacing falling Chinese exports on a dollar for dollar basis.

 

[mb444]

Said it before but quotas and tariff-free access are harming BD garment industry and the sooner they are removed the better.

Umm...no dude.

 

[UKBengali]

Umm...no dude.

Not much of a retort dude.

 

[mb444]

Not much of a retort dude.

Did not deserve one.... how can advantageous quotas or unlimited tarrif free access to a market possibly harm BD?

 

[UKBengali]

Did not deserve one.... how can advantageous quotas or unlimited tarrif free access to a market possibly harm BD?

Your thinking is extremely myopic.

There was a time when the fledgeling BD garment industry needed quotas and tariff free access.

Eventually this becomes a hindrance as this makes an industry lazy and unwilling to innovate.

2026 will be a perfect time for BD to compete on its own merits.

The taking away of any prefential treatment by USA has actually propelled BD garment industry forward and the next step is for the same from Europe.

 

[mb444]

Your thinking is extremely myopic.

There was a time when the fledgeling BD garment industry needed quotas and tariff free access.

Eventually this becomes a hindrance as this makes an industry lazy and unwilling to innovate.

2026 will be a perfect time for BD to compete on its own merits.

Not myopic at all, your understanding of economics is just childish.

Are you under the impression that BD RMG houses only trades with one country at a time? The same factory will sell exactly the same good to US with import tarrif , with india with quota and with EU under a tarrif free condition. They will simply seek to achieve as much profit as they can in differing scenario.

I was simply trying to point out the utter stupidity of your position gently...but alas...

 

[UKBengali]

Not myopic at all, your understanding of economics is just childish.

Are you under the impression that BD RMG houses only trades with one country at a time? The same factory will sell exactly the same good to US with import tarrif , with india with quota and with EU under a tarrif free condition. They will simply seek to achieve as much profit as they can in differing scenario.

I was simply trying to point out the utter stupidity of your position gently...but alas...

You actually think you are some great thinker as you work in the field.lol.

Some technical knowledge does not give someone overall strategic insight.

Now tell me why BD is going ahead with currency swap that you thought was not going to happen a few months ago. Shows how little you really understand apart from some technicalities that you learnt from text-books.

You get all the big calls wrong as your posts show over time.


PS - Your silly example again shows how you keep getting it wrong as you would have been still for quotas and tariff-free access to USA.

 

[mb444]

You actually think you are some great thinker as you work in the field.lol.

Some technical knowledge does not give someone overall strategic insight.

Now tell me why BD is going ahead with currency swap that you thought was not going to happen a few months ago. Shows how little you really understand apart from some technicalities that you learnt from text-books.

You get all the big calls wrong as your posts show over time.


PS - Your silly example again shows how you keep getting it wrong as you would have been still for quotas and tariff-free access to USA.

Your adolescent need to get the last word is why you keep persisting with incoherent nonsense. Thats fine.

Neither buyers nor seller care about anything but price....tarrifs, quotas are simply baked in to it. These things neither discourages nor encourages trade at the ground level. a buyer has no loyalty to BD and no BD manufacturer cares to whom he sells to.

I never said anything about currency swap. You actually do not know what that actually mean. A currency swap is when a clearing house or two central banks amalgamates transactions over a period of time and cancels out balances leaving only the residual which is settled usually in USD by the country that has a balance to pay.

You on the other hand think just because BD wants banks to hold yuan somehow that has is any relevance to a currency swap. Its ludicrous in the extreme with something like 20:1 ratio of trade imbalance between BD and china. Where the hell are we going to get yuan unless we convert it from USD. Yuan is also a closed non convertible currency, who is going to sell it to us?

You are good for a laugh.... perhaps take a break and dont show up your ignorance any further.

 

[UKBengali]

Your adolescent need to get the last word is why you keep persisting with incoherent nonsense. Thats fine.

Neither buyers nor seller care about anything but price....tarrifs, quotas are simply baked in to it. These things neither discourages nor encourages trade at the ground level. a buyer has no loyalty to BD and no BD manufacturer cares to whom he sells to.

I never said anything about currency swap. You actually do not know what that actually mean. A currency swap is when a clearing house or two central banks amalgamates transactions over a period of time and cancels out balances leaving only the residual which is settled usually in USD by the country that has a balance to pay.

You on the other hand think just because BD wants banks to hold yuan somehow that has is any relevance to a currency swap. Its ludicrous in the extreme with something like 20:1 ratio of trade imbalance between BD and china. Where the hell are we going to get yuan unless we convert it from USD. Yuan is also a closed non convertible currency, who is going to sell it to us?

You are good for a laugh.... perhaps take a break and dont show up your ignorance any further.

Like I say you get all the big calls wrong and I get them right as has been proved by our posting history here.

No amount of words from you here is going to change this fact.