Despite a dispute over GSP facility, Bangladesh's apparel exports to the US booked double-digit growth both in terms of value and volume in 2015. The rise in garment export has been shown in US official data, in a comparative revelation of trade position with Bangladesh's competitors on the American market.
According to industry-insiders the prevailing stable political situation and ongoing safety drive helped in regaining the buyer confidence, resulting in such performance. In 2015, Vietnam, one of Bangladesh's main competitors, also registered a double-digit growth on the US market. According to Office of Textiles and Apparel (OTEXA) under the US Department of Commerce, shipment of local garment products to its single-largest destination reached $5.40 billion during 2015 calendar year, registering an 11.74 per cent growth over the previous year.
Bangladesh's apparel export to the United States fell to $4.83 billion in 2014 from $4.94 billion in 2013. The country exported 1.86 billion sq. mt. of apparel products, showing a 16.17 per cent growth, last year compared to that of 2014. Overall exports to the US, however, stood $5.60 billion in the last calendar year, up from $5.0 billion in 2014, reveals the OTEXA data.
Experts argue, though the garment-export earnings from the US market registered a double-digit growth, the price of locally-made apparels did not increase in line with the rising production cost. Meanwhile, India and Sri Lanka registered a growth of 7.78 per cent and 15.82 per cent with earnings worth $ 3.36 billion and $2.03 billion respectively in the past year, the OTEXA data showed.
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