RMG faces negative turn to US Market

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RMG faces negative turn to US Market

Readymade garment exports to USA fall significantly due to less demand in the western countries, sources said. The year on year export fall recorded 23.33 per cent to $5.77 billion in January-September.

The country fetched $8.28 billion in the identical nine-month period of 2022, according to data from the Office of Textiles and Apparel (OTEXA) of the US.

The US is the single-largest export destination for Bangladesh. Last year, suppliers shipped garment items worth $10.02 billion to the country, the highest in a single year.

In January-September this year, apparel imports of the US from the world fell by 22.81 percent year-on-year to $60.82 billion, OTEXA data showed.

The decline came at 21.85 percent to $81.13 billion if both textile and apparel products were considered jointly.

The garment shipment, which contributes nearly 85 percent to national export receipts, has been falling to the main export destination for the last few months owing to unsold stocks with retailers and brands.

Some exporters, however, say the earnings are witnessing correction after receipts surged more than 50 percent in the US last year.

Exports will not grow at the same pace in the same year, they say, adding that the shipment has slowed in recent months.

The sales of garment items in the US and Europe may remain dull this year although Christmas and New Year sales are expected to pick up.

According to a forecast by the National Retail Federation (NRF), the largest retail platform in the US, holiday spending is expected to reach record levels in November and December and will grow between 3 percent and 4 percent to between $957.3 billion and $966.6 billion.

Bmirrorhttps://bmirror.net/
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