Bangladesh: Reports indicate a decline in readymade garment exports to US in first eight months of 2024
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"Bangladesh lags behind competitors in RMG export to the US", 13th October, 2024
Instead of expanding the volume of readymade garment exports to the US, Bangladesh is falling behind its competitors in this regard...
...This was revealed in the latest report of the Office of Textile and Apparel (OTEXA) of the US Department of Commerce...
...According to the OTEXA, Bangladeshi entrepreneurs exported RMG products worth $4.71 in the US markets in that time period which is 9.16 per cent less than the time last year...
Bangladesh is the third largest exporter with 9 per cent market share...Vietnam is the second largest exporter of RMG products to the US. The country is also gaining momentum fast in recuperating from the drop in exports. It exported products worth $9.56 billion from January to August this year. The amount was $9.66 in the previous year...
India and Indonesia are the fourth and fifth largest exporters of RMG products to the US...
...Though the production and export of RMG products for three months was hampered due to the quota reform movement, student-people uprising, floods and labour unrest, the entrepreneurs remain hopeful of the US market due to the formation of the interim government...
...Given the positive global identity of the chief adviser of the interim government, Dr. Muhammad Yunus, he pointed out, “If we could take avail some tariff facilities from the US, our export volume will rise.”