More important, Bangladesh is outpacing all competing countries as far as RMG export to the US is concerned.
According to the Commerce Wing report of Bangladesh Embassy in Washington DC, Bangladesh exported 409 million US Dollar worth of RMG products in August 2010 while the same amount in August 2009 was only 289 million US Dollar, marking a spectacular 41.5 percent growth.
Compared to the Bangladesh’s monthly August, 2010 growth of 41.5 percent, exports from China grew by 28.81 percent, Vietnam by 24.59 percent, Indonesia by 23.84 percent, India by 13.12 percent and Cambodia by 27.38 percent, as per data released by US International Trade Commission (USITC).
Bangladesh is currently the 4th largest apparel exporting country to the US market, trailing behind only China, Vietnam and Indonesia. Not long ago, Mexico’s apparel exports was significantly higher than of Bangladesh which is reversed in the recent months.
The rising production cost of making apparels in the competing countries and also recent tug of war between US and China over undervalued currency, along with other factors, are contributing to higher level of sourcing by the US based importers from Bangladesh.
With the recent passing of a bill in the US House of Representative Currency Reform Fair Trade Act, future imposition of countervailing tariffs against Chinese imports is very likely, giving a good opportunity for Bangladesh exporters to grab even a higher slice in the US market.
The Commerce Wing of Bangladesh Embassy is playing a pro-active role to augment the country’s export level to even a higher altitude.
They are constantly approaching to encourage individual US importers to source more from Bangladesh. Now, it seems to be the time for Bangladesh’s exporters to put their best efforts in securing more exports to USA.
-UNB, Thu, 21/10/2010
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