Bangladesh's garment exports to the US grew 8.51 per cent during January to July 2015. But it’s still lower than those of competing countries. In the same period apparel exports to the by Vietnam, India and Sri Lanka to the US grew by 14.94 per cent, 9.63 per cent and 16.10 per cent respectively. India exported garments worth $2.33 billion against $2.12 billion in the same period of 2014. Chinese apparel exports grew by 2.34 per cent.
The recent industrial accidents in Bangladesh and confrontational politics, have made US buyers wary and they are in a wait and watch situation before placing orders. But the safety initiatives undertaken by Bangladesh and improving political situation helped garment exporters regain buyers’ confidence resulting in a gradual increase in orders in recent times.
Accord and Alliance have completed their initial inspection and remediation work to fix the flaws is going on. The inspection program under the national initiative would end by next month. The US is the single biggest market for garment products made in Bangladesh. Bangladesh apparel exports to the US fell to $4.83 billion in 2014 from $4.94 billion in 2013. And prices of locally-made apparel items did not increase in line with rising production costs.