Bangladesh’s garment exports are increasing their share of the US apparel market. Amid the global economic recession, low-price clothing sales are increasing on the market. Due to Bangladesh’s cheap labor and low product costs, retailers in the United States and Europe have increased their purchases of clothing from Bangladesh. Bangladesh’s garment exports now rank fifth in the US market share, surpassing India, with an increase of 10%.
During the period from July to December 2008, the United States imported US$558 million of knitted clothing and US$1.21 billion of woven clothing from Bangladesh. The U.S. International Trade Commission said that between July and December 2008, the United States imported knitted garments from all over the world by 1.56% compared with the same period last year, and woven garments by 3.72%. Imports from Bangladesh increased by 24.87% and 12.02% respectively. .
Every year, the United States imports more than US$70 billion in clothing from around the world. The world’s total garment exports total US$411 billion, with Bangladesh accounting for 2% of the market share. According to data from the Bangladesh Export Promotion Agency, Bangladesh’s garment exports in the first half of fiscal year 2009 were US$6.05 billion, an increase of 24.18% over the same period last year. Bangladesh’s apparel export target for fiscal year 2009 is to reach US$12.267 billion. Bangladesh’s garment exports in fiscal year 2008 were US$10.7 billion.
