The Crime Desk: During January–October this year, Bangladesh’s clothing exports to the United States decreased by 24.75 percent to 6.35 billion dollars. Because the country’s importers still have stocks of old clothes, According to the United States Office of Textiles and Apparel (OTEXA), during January–October of last year, the income from apparel exports to the United States was 8.44 billion dollars.
It should be noted that the largest export destination for Bangladeshi garments is the United States. Exports of textiles and clothing are considered together, and the revenue stands at $6.51 billion, up from $25.25 in the previous year.
percentage is less. Bangladeshi exporters exported $10.02 billion worth of garments to the US last year, the highest in a year. According to Otexa data, the total clothing imports of the United States decreased by 22.71 percent to 67.26 billion dollars during January–October of this year. Both textile and clothing products decreased by 21.46 percent to 90.04 billion dollars. Stakeholders believe exports of US-made apparel are declining due to ongoing high inflation and the country’s apparel retailers and brand stores stocking up on old products.
Besides, US apparel retailers and brands imported a lot of apparel products to overcome the Corona damage. However, sales did not keep up with demand as inflation increased due to the impact of the Ukraine-Russia war. Garment exporters say US traders are unable to sell exported garments due to inflation. At the same time, US retailers and brands imported a lot of garment products last year.
The National Retail Federation (NRF) recently forecast that consumer spending during the November and December holiday seasons will reach record levels and increase by 3 percent to 4 percent over 2022, to between $957.3 billion and $966.6 billion.
