Data from the U.S. Department of Commerce show that Bangladesh’s garment exports to the United States will increase by 36.7% in 2021 compared with 2020, exceeding China (29.4%), Vietnam (14.3%), and Indonesia ( 17.9%) and other three major garment exporting countries. Industry insiders said that the production capacity of these countries has been reduced due to the epidemic, which has become an important driving factor for Bangladesh to catch up from behind.
In 2021, Bangladesh was the third largest source of ready-made garment imports to the United States, with the export value of U.S. ready-made garments reaching US$7.14 billion, an increase of US$1.91 billion from US$5.23 billion in 2020. US dollars, and also exceeded the pre-epidemic level of US$5.92 billion in 2019, making the United States the largest single destination market for Bangladesh.
Industry insiders believe that Bangladesh’s rapid growth in garment exports to the United States is mainly due to actual demand in the United States, especially the increase in demand for knitted products, and the sharp rise in raw material prices. Buyers The increase in purchase volume is the result of a combination of factors such as Bangladesh’s better control of the epidemic and the shift in orders caused by the US-China trade war.
U.S. Department of Commerce data shows that U.S. garment imports will increase from $64.06 billion in 2020 to $81.59 billion in 2021, an increase of 27.4%. The growth in U.S. garment imports has driven growth in Bangladesh’s garment exports.
