According to recent study by the US Fashion Industry Association (USFIA), despite slipping to the sixth position as a preferred sourcing destination for US-based apparel and fashion companies, majority of the buyers expressed an interest in increasing their sourcing from the country in 2019.
Bangladesh’s RMG exports to the USA, from January-August 2019, grew by 11.81 percent compared to that in the corresponding period of 2018. The data from the Office of Textiles and Apparel reveals that the country earned US $4.08 billion in the first eight months of 2019 from its RMG exports as against US$3.65 billion earned during January-August period of 2018.Experts and exporters opined that this growth was possible due to shifting work orders from China in the wake of trade war.
A recent study of Asian Development Bank also stated the trade war between China and the US has become a boon for Bangladesh as the country exported a total of US$4.23 billion in textile and apparel items to the US during January-August period of 2019.
After the Rana Plaza building collapse in 2013, Bangladesh’s apparel exports to US declined in 2014 and stood at US$4.83 billion which was US$4.95 billion in 2013.
In 2015, exports rose to $5.40 billion but continued declining in next two consecutive years. In 2017 and 2018, the country earned US$5.06 billion and $5.40 billion respectively from garment exports to US.