Bangladesh apparel exports to US cross $ 1 b mark first time ever

The latest (March ’22) apparel import data of the USA is out, and it has brought cheers amongst the garment exporters of Bangladesh. As per official statistics released by OTEXA, it is clear that Bangladesh has crossed $ 1 billion export turnover for the first time ever in the USA apparel market.

During March ’22, USA imported $ 1.03 billion worth of garments from Bangladesh, noting 96.10% Y-o-Y growth. Previous best import was done during January this year when values reached $ 755.16 million.

Cumulatively, USA’s apparel imports from Bangladesh reached $ 2.48 billion in Q1 ’22 (Jan.-Mar. ’22), growing by 62.23% on Y-o-Y basis.

Notably, Bangladesh’s share in the US apparel import values ($ 24.31 billion) during Q1 ’22 stood at 10.20%, up from 8.79% in the same period of 2021.

Bangladesh has been showing phenomenal growth in its apparel exports in recent months and, despite challenges, the sector is aiming at achieving $ 50 billion export target by 2023.

In a recent conversation with team Apparel Resources, BGMEA President Faruque Hassan mentioned: “$ 50 billion is not a far-fetched goal for us… In CY 2022, we are going to clock $ 44-45 billion and, as a lot of expansions are happening across Bangladesh, our revenues will increase more in 2023. So, I believe, Bangladesh is going to hit $ 50 billion target by CY 2023 end.” 

(Source: https://apparelresources.com/business-news/trade/us-apparel-imports-bangladesh-cross-us-1-billion-first-time-ever-march-22/?fbclid=IwAR2NOB9ZCZYJ8e3Ofy0xO9qaDD-a94eOkwzIAvkPhgca859iEwJxsfAZuFw)