For the first quarter Bangladesh’s apparel exports to the US fell by 0.92 per cent.
The country ranks third in shipments to the US, behind China and Vietnam. But in the same period China’s exports to the US grew 0.87 per cent and Vietnam’s exports to the US grew 3.32 per cent. China retains the top spot.
Bangladesh has not been seeing a growth in the export of garments to the US in recent times. Besides that, its product prices are also decreasing in the US market.
One reason for the sluggish exports could be the economic condition of the US itself. Bangladesh may be affected by the US’ decision to impose tariffs on apparel imports. There is a change in the attitude of US consumers, who now prefer spending more on electronic gadgets compared to clothes.
Garment items account for 95 per cent of the goods exported from Bangladesh to the US market. Bangladesh now faces an export duty of 15.62 per cent under America's most favored nations' category.
The US happens to be Bangladesh’s single largest destination for apparel exports. However Bangladesh has given up its efforts to seek the Generalized System of Preference in the US market, saying that it is imposing superficial conditions.
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