As per latest US Census Bureau figures, overall value of Bangladesh's exports to the US increased 5.83 percent year-on-year to $3.63 billion in the first seven months propelled by higher apparel shipments. OTEXA also reveals export of apparel items grew 5.61 percent to $3.21 billion while Bangladesh moved to the third position from sixth with respect to garment export to the US.
Of Bangladesh's total export value, garment items account for over 90 per cent. China still holds the top position having exported $14.19 billion-worth garment items in the last seven months. However, China's garment export to the US declined 0.83 per cent year-on-year.
The inspection and remediation of factories as per recommendations of the Accord and Alliance has brightened Bangladesh’s image. Both Accord and Alliance have already completed over 90 per cent remediation in the garment sector, mainly fixing electrical, fire and structural loopholes.
Some US retailers who had left Bangladesh a few years ago for countries like Myanmar were coming back with hands full of work orders. Moreover, a lot of work orders from China have also shifted towards Bangladesh as the country has become an expensive destination for higher cost of production and a shortage of skilled workforce.