Despite the epidemic, Bangladesh saw a new record in the export of apparel products to its single largest destination, the United States. From January to the November of 2021, USD 6.36 billion worth of apparel products were exported to the United States, which is 30.68 percent higher than compared to USD 4.86 billion in the corresponding period of 2020.
As of December 2021, Bangladesh’s monthly export earnings reached an all-time high with exports of USD 4.09 billion worth of goods. Clothing shipments alone accounted for USD 3.16 billion, an increase of 52.6 percent compared to the previous year. During the July-December of the same year, RMG exports increased by 28.02% to USD 19.90 billion.
In early 2020, the country’s apparel sector was struggling with the cancellation or suspension of wholesale orders by foreign buyers due to the difficulties caused by the Covid-19 pandemic. At that time, around 1.73 billion square meters of apparel items were shifted. But in the same period of the following year, this sector experienced a sharp rise by around 2.33 billion square meters of apparel items shifting.
RMG sector is the backbone of Bangladesh’s booming economy, where the USA is considered the largest market. Apparel exports to the US saw ups and downs since the Rana Plaza incident. In 2019 around USD 5.92 billion worth of apparel products were exported to the US, the next year export decreases because of the Pandemic, while around USD 5.22 billion worth of products were exported.
Leave a Comment