Despite the peak of growth, Bangladesh's garment exports are lagging behind in the race to excel in the US market. Bangladesh's exports increased by 50.79 percent between 2014 and 2022, but decreased by 22.04 percent in 2023. On the other hand, the US market has halved the amount of clothing exports in the last decade, but China has retained its top position until now. Apart from this, Vietnam, one of the export competitors, has risen to the second place by exporting twice as much as Bangladesh. This figure comes from a review of a recent report by the US Office of Textiles and Garments (OTEXA).
According to Otexa's report, in the last decade (2014-2024), garments made in the United States market have been exported from different countries of the world for a total of 81 thousand 773 million 33 million 80 thousand dollars. Out of this, Bangladesh alone exported 6,132,165,000 dollars worth of goods, which established Bangladesh as the third largest exporting country in the United States.
But despite the fact that the export share has decreased by half compared to before, this time China exported 24 thousand 37 billion 25 million 90 thousand dollars to the US market. With this, China still holds the top position. Statistics show that this time, the export market that has left China's hands has been taken over by Vietnam, which is in the second place in the competition, and Bangladesh, which is in the third place. Vietnam has exported 12,731 million 55 million 30 thousand dollars worth of clothing to the United States in the last decade; Which is almost double compared to Bangladesh. However, Otexa's report says that in the race for export growth, Bangladesh has done better in the US market than any competing country, achieving a rating of 50.79 percent.
Executive Director of Rapid (Research and Policy Integration for Development). M. Abu Yusuf said, 'China and the United States are taking advantage of the Cold War and other competing countries including Vietnam are occupying the Chinese market. This is because their factories are environmentally friendly and comply with labor laws. However, this growth is not only dependent on apparel exports, but also on overall international trade conditions, domestic production costs and availability of raw materials. Despite the significant growth in Bangladesh's garment exports to the US market, there is no denying the challenge. He also opined that Bangladesh can compete in the international market through foreign investment, development of transport infrastructure and production of diversified products.
In 2014, Bangladesh exported $4.83 billion worth of garments to the United States, which increased to $9.73 billion in 2022. That is, the export growth has been 50.79 percent in the last decade. However, in 2023, exports fell by about 22 percent to $7.29 billion due to the global recession.
China's exports were 29.79 billion dollars in 2014, which decreased to 16.32 billion dollars in 2023, that is, a decrease of 45.24 billion dollars in a decade. Vietnam exported $9.27 billion in apparel in 2014, rising to $14.18 billion in 2023, a growth of 52.96 percent.
India exported $3.40 billion in apparel in 2014, which will reach $4.69 billion in 2023, a growth of 38 percent. India is currently ranked fourth in the US. Pakistan also achieved 38 percent growth in the US market over the past decade. In 2014, the country exported $1.46 billion to the United States, which will increase to $2.02 billion in 2023.
When asked about lagging behind China and Vietnam in export competition in the US market, Fazle Shamim Ehsan, senior vice president of BKMEA, the country's knitwear industry owners, told Ajker newspaper that China exports 70 percent of manmade fiber products to the US market. Bangladesh has just started exporting yarn products among manmade fiber products. On the other hand, Vietnam has been enjoying four types of benefits more than Bangladesh in the international market including the United States. Vietnam receives more trade preferences from the United States. Procuring raw materials in less time and at lower cost due to close proximity to China. Being able to transport goods quickly and at low cost due to deep sea port. Entrepreneurs from Korea and Japan have also advanced branding in the US market as they invest heavily in Vietnamese factories.
In response to a question, this entrepreneur-exporter said, 'There is nothing to despair. It is a great relief that we are growing despite various obstacles. Bangladesh will be able to export more products if the garment exports of manmade fiber silk and other yarn products start.
