Bangladesh’s apparel export to the US market rebounded with an impressive growth at 11.74 per cent in the just concluding year 2015 and crossed the $5-billion mark for the first time, according to the Office of the United States Trade Representative.
Bangladesh exported readymade garment items worth $5.4 billion to the US, the single largest export destination of the country, in 2015.
The amount of export earnings from the country increased by $567 million in the year compared with the amount of the previous year when total export earnings was $4.8 billion.
Bangladesh’s RMG export to the US market also registered the second highest growth rate among the competitor countries. Vietnam achieved the highest 13.97 per cent growth in the year.
Exporters, while talking to New Age, termed the growth in RMG export earnings from the US very inspiring for the country against the backdrop of the two major industrial accidents — Tazreen Fashions fire and Rana Plaza building collapse in 2012 and 2013 respectively.
The country’s RMG export to the US declined to $4,834 million in 2014 from $4,947.54 million in 2013 which was seen as the consequence of the two deadly accidents.
Exporters’ Association of Bangladesh president Abdus Salam Murshedy told New Age on Wednesday that the country’s apparel export to the US and other countries increased following safety measures taken by the exporters in their factories after the Tazreen Fashions fire and Rana Plaza collapse incidences.
Safety measures in the factories and compliance certificates from the Accord and Alliance, two major groups of buyers from western countries, are now working in favour of apparel exports to the EU and the USA, he said.
Western consumers are also now considering the country safe for workers resulting increased confidence on Bangladeshi products, Murshedy said.
According to the USTR data, Bangladesh exported RMG products worth $4,469.97 million, $4,509.86 million, $3,930.357 million in 2012, 2011 and 2010 respectively.
In 2015, China secured the top RMG exporting country to the US with $30.5 billion but its export grew only by 2.51 per cent.
Vietnam’s export earnings stood at $10.5 billion in the year.
Among other competitive countries, India exported apparel items worth $3.6 billion with 7.78 per cent growth than the previous year’s export earnings.
Cambodia’s RMG export inched up by 0.13 per cent and Indonesia’s 2.17 per cent in the period.
RMG export growth of Pakistan and Mexico turned negative in the year.
Source: New Age
