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Bangladesh top denim exporter to US in first half of 2022
This was a 57.06% year-on-year (YoY) growth from the same period of 2021
Mahmud Hossain Opu/Dhaka Tribune
Saddam Hossain
August 11, 2022 7:28 AM
Bangladesh’s dominance continued throughout the first half (January-June, or H1) of this year as the market leader in denim apparel to the United States, shipping goods worth $445.5 million.
This was a 57.06% year-on-year (YoY) growth from the same period of 2021, according to recent data from the Commerce Department’s Office of Textiles and Apparel (Otexa).
In the same period last year, Bangladesh exported denim apparels worth $283.64 million in the North American country, Otexa data stated.
The US imported denim apparels worth $2.05 billion during the first half of 2022 from global suppliers, noting a significant increase of 42.62% on a YoY basis, from $1.43 billion in the same period last year, data also revealed.
In 2021, Bangladesh had become the top denim exporter to the US for the second consecutive year.
Currently, Bangladesh holds 22.36% market share of the US denim market as the market leader.
According to RMG insiders, Bangladesh is still on the right track to remain a market leader for denim apparel, amid the global crises induced by war and inflation in the West and disruptions in the supply chain.
They also said that Bangladeshi denim is the biggest brand in the US market as US buyers consider it an elite product of high quality, hoping Bangladesh will remain the top denim exporter to that market for a third consecutive year by the end of 2022.
Along with Bangladesh, all major denim apparel shippers witnessed an increase in their respective shipments to the US market, namely Mexico, Pakistan, Vietnam, China, and Egypt.
Securing second position, Mexico experienced significant progress and shipped $362.02 million worth of denim garments to the US, registering a growth of 26.46% YoY from $286.26 million in H1 '2021 with a market share of 17.02%.
With an 11.21% market share, Pakistan exported denim apparel worth $242.76 million registering a 60.8% yearly growth in the US market during the first six months of 2022, from $150.97 million of the same period last year.
Vietnam was fourth, exporting $217.98 million worth of denim with a 44.57% growth from $150.77 million of the same period last year, and a market share of 10.94%.
China shipped $188.45 million worth of denim garments – up by 26.42% - from last year’s $148.9 million, with a market share of 9.95%, Otexa data said.
Regarding the dominance in the US market, Mohiuddin Rubel, deputy managing director of Denim Expert Limited and also a director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told Dhaka Tribune that denim was one of the most prominent sectors within Bangladesh's RMG industry.
“In the past decade, the denim industry in Bangladesh has developed significantly through quality products, competitive price, resilience, and environment-friendly manufacturing process which made us the top denim import source for the USA,” he added.
Bangladesh has made huge investments in the denim industry particularly, in the local denim sector, which is more than $1.39 billion and a strong backward linkage industry that covers almost 50-60% of denim productions through local fabrics, design studios and 40 world-class denim manufacturer mills.
“Bangladesh is now able to deliver denim orders very fast, which is also a positive sign for buyers,” he said, adding that apart from basic five-pocket denim, Bangladesh was manufacturing high-end fashionable denim products with value additions.
Moreover, since 2014, Bangladesh Denim Expo plays a crucial role in the growth of the Bangladesh denim Industry by promoting sustainability, transparency, innovation, circularity, and responsible manufacturing process, he added.
“Bangladesh has made huge investments in both backward and forward linkage industries for Denim. We believe that we will continue to be the top denim source for the USA if we can maintain the competitiveness of our industry,” he added.
Regarding the current issues, he said that the global economy and trade show a depressing outlook ahead which is a concern for the apparel industry.
“According to the World Bank, the global economic growth will come down to 4% in 2022 from 10.3% in 2021,” he added saying that the annual inflation rate in USA rose to 8.5% in July and in the Eurozone, it hit a record 8.9%,” Rubel further said.
The risk of an economic recession is also increasing in those countries, he feared.
“Our government is doing its best to protect our economy. The positive side is that exports kept positive momentum and remittance growth recorded, and through all the measures imports will also be under control,” he added.
www.dhakatribune.com
This was a 57.06% year-on-year (YoY) growth from the same period of 2021
Saddam Hossain
August 11, 2022 7:28 AM
Bangladesh’s dominance continued throughout the first half (January-June, or H1) of this year as the market leader in denim apparel to the United States, shipping goods worth $445.5 million.
This was a 57.06% year-on-year (YoY) growth from the same period of 2021, according to recent data from the Commerce Department’s Office of Textiles and Apparel (Otexa).
In the same period last year, Bangladesh exported denim apparels worth $283.64 million in the North American country, Otexa data stated.
The US imported denim apparels worth $2.05 billion during the first half of 2022 from global suppliers, noting a significant increase of 42.62% on a YoY basis, from $1.43 billion in the same period last year, data also revealed.
In 2021, Bangladesh had become the top denim exporter to the US for the second consecutive year.
Currently, Bangladesh holds 22.36% market share of the US denim market as the market leader.
According to RMG insiders, Bangladesh is still on the right track to remain a market leader for denim apparel, amid the global crises induced by war and inflation in the West and disruptions in the supply chain.
They also said that Bangladeshi denim is the biggest brand in the US market as US buyers consider it an elite product of high quality, hoping Bangladesh will remain the top denim exporter to that market for a third consecutive year by the end of 2022.
Along with Bangladesh, all major denim apparel shippers witnessed an increase in their respective shipments to the US market, namely Mexico, Pakistan, Vietnam, China, and Egypt.
Securing second position, Mexico experienced significant progress and shipped $362.02 million worth of denim garments to the US, registering a growth of 26.46% YoY from $286.26 million in H1 '2021 with a market share of 17.02%.
With an 11.21% market share, Pakistan exported denim apparel worth $242.76 million registering a 60.8% yearly growth in the US market during the first six months of 2022, from $150.97 million of the same period last year.
Vietnam was fourth, exporting $217.98 million worth of denim with a 44.57% growth from $150.77 million of the same period last year, and a market share of 10.94%.
China shipped $188.45 million worth of denim garments – up by 26.42% - from last year’s $148.9 million, with a market share of 9.95%, Otexa data said.
Regarding the dominance in the US market, Mohiuddin Rubel, deputy managing director of Denim Expert Limited and also a director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told Dhaka Tribune that denim was one of the most prominent sectors within Bangladesh's RMG industry.
“In the past decade, the denim industry in Bangladesh has developed significantly through quality products, competitive price, resilience, and environment-friendly manufacturing process which made us the top denim import source for the USA,” he added.
Bangladesh has made huge investments in the denim industry particularly, in the local denim sector, which is more than $1.39 billion and a strong backward linkage industry that covers almost 50-60% of denim productions through local fabrics, design studios and 40 world-class denim manufacturer mills.
“Bangladesh is now able to deliver denim orders very fast, which is also a positive sign for buyers,” he said, adding that apart from basic five-pocket denim, Bangladesh was manufacturing high-end fashionable denim products with value additions.
Moreover, since 2014, Bangladesh Denim Expo plays a crucial role in the growth of the Bangladesh denim Industry by promoting sustainability, transparency, innovation, circularity, and responsible manufacturing process, he added.
“Bangladesh has made huge investments in both backward and forward linkage industries for Denim. We believe that we will continue to be the top denim source for the USA if we can maintain the competitiveness of our industry,” he added.
Regarding the current issues, he said that the global economy and trade show a depressing outlook ahead which is a concern for the apparel industry.
“According to the World Bank, the global economic growth will come down to 4% in 2022 from 10.3% in 2021,” he added saying that the annual inflation rate in USA rose to 8.5% in July and in the Eurozone, it hit a record 8.9%,” Rubel further said.
The risk of an economic recession is also increasing in those countries, he feared.
“Our government is doing its best to protect our economy. The positive side is that exports kept positive momentum and remittance growth recorded, and through all the measures imports will also be under control,” he added.
Bangladesh top denim exporter to US in first half of 2022
This was a 57.06% year-on-year (YoY) growth from the same period of 2021
win win scenario!
