Bangladesh's apparel exports to US go down in March

Even as the overall demand for apparel in the global markets continues to decline thanks to high inflation caused by the Russia-Ukraine war, shipment of 'Made in Bangladesh' apparel to the USA in March 2023 went down 35.56 per cent to US $ 666.03 million year-on-year from what was US $ 1.03 billion in the same period of 2022.

Reports claimed this citing data from the US Department of Commerce's Office of Textiles and Apparel, released recently.

Analysing the data further, it was reportedly found Bangladesh's apparel exports to the US in January-March of 2023 declined by 13.33 per cent to US $ 2.13 billion compared to that of US $ 2.46 billion in the same period of 2022 even as in terms of quantity, shipment of apparels from Bangladesh to US import in the first quarter of 2023 declined by 26.83 per cent to 665.45 million square metres compared to what was 909.49 million square metres in the same period of 2022.

Meanwhile, speaking to the media, BGMEA President Faruque Hasan reportedly underlined it was predicted apparel exports to the US market would decline in value as there has been a decline in export in terms of volume since September due to high inflation.