In the first half of this year, the nation’s garment exports to the United States, its sole major market, grew significantly in terms of both value and volume (2022). According to OTEXA, a subsidiary of the US Department of Commerce, Bangladesh’s readymade garment (RMG) exports to the US generated $5.01 billion in 2022, a rise of 60.30 percent.
Despite the Covid-19 outbreak, Bangladesh sold apparel products worth $3.13 billion to the market in the first half of 2021, bringing its total exports for the year to $7.14 billion.
In June, Bangladesh’s single-month garment export revenue increased by 66.20 percent to $906.06 million from $545.21 million in June 2021, according to OTEXA data. 1.76 billion square meters of garments were exported from Bangladesh in the first half of this year, a 44.17 percent increase. During the same time previous year, the volume was 1.22 billion square meters. However, according to OTEXA data, the total amount of clothing imported into the US from around the world between January and June of 2022 jumped by 40.14% to $49.57 billion from $35.37 billion.
The US imported clothing worth $10.25 billion from China and $9.19 billion from Vietnam in the first half of 2022.
The export of clothing from other important sourcing nations like India, Pakistan, and Cambodia increased by 57.27%, 50%, and 52.52%, respectively.