The implications of Bangladesh experiencing a 19.24% decline in apparel exports to the United States in the first two months of this year.
Bangladesh's apparel exports to the US dropped by 19.24% YoY in value, totaling $1.18 billion in the initial two months of the year, reflecting challenges in the market.
Not only did the value decrease, but Bangladesh also witnessed a 12.79% YoY drop in export volume to 395.69 million square meters, indicating a substantial decline in demand.
While Bangladesh faces setbacks, its competitors China and Vietnam saw growth in apparel exports to the US during the same period, highlighting a shifting competitive landscape.
Exporters cite domestic issues like high business costs and lack of diversification as factors contributing to the loss of export share in the US market, exacerbating the situation.
The slowdown in US apparel imports extends beyond Bangladesh, with overall imports decreasing by 7.78% during the period, affecting multiple exporting countries and indicating broader market challenges.