Monday, 30 Nov -0001 00:00:00
RMG export from Bangladesh to USA expected to be $3b in 2006
Readymade garment exporters of Bangladesh predict a robust $3 billion earning from their single largest market, USA, where they had already shipped apparels worth about $ 2.5 billion until October. Figures released by the US Department of Commerce recently showed that with about $280 million in October, Bangladesh’s apparel exports to USA during January-October period stood at $2,485 million.
To check the flooding import of cheap Chinese apparels hitting hard local industry, the US authorities, using a WTO provision, imposed limits on Chinese exports in the middle of 2005. That proved a boon, though short-term, for Bangladesh’s apparel sector and helped it overcome the setback of the expiry of export quotas that gave it fortune for the decades, earlier.
Bangladesh’s apparel exports stood around $7.9 billion, or more than three-fourths of the country’s $10.5 billion export portfolio in the past fiscal ended in June.
US buyers alone import more than 33 per cent of the country’s garment exports while European Union as a group absorbs nearly 55 per cent. By October, Bangladesh’s apparel export earning from USA in terms of value was about 25 per cent higher than the year-ago period, US commerce office said.
In 2005, the first year after the textile export quota phased out in US market, Bangladesh’s readymade garment exports there increased by 20 per cent to $2.38 billion. Export performance in that year belied the fears aired by trade analysts that the end of multifibre arrangement from January 1, 2005, would bring a doomsday scenario for the country’s apparel sector. Earlier in 2004, growth in garment export to USA was around 7 per cent to $1,978 million.