Bangladesh’s RMG exports to US cross $10b in 2022

[fallstuff]

This news warrants a bucket of salt !

 

[bluesky]

This news warrants a bucket of salt !

Why so?

 

[fallstuff]

Why so?

This is not what I am hearing from people who owns garments or related companies in Bangladesh. I hope I am wrong.

 

[leonblack08]

This is not what I am hearing from people who owns garments or related companies in Bangladesh. I hope I am wrong.

Let's not pay attention to hearsays too much. People tend to exaggerate often.

This is from US govt import data, which verified the 10 billion USD number. So no data fudging going on here.

U.S. Textile and Apparel Imports by Country

Data for the past 2 years and current year to date (YTD) and year ending (YE), by country, available in dollars, units or square meter equivalent (SME)

www.trade.gov

 

[fallstuff]

Let's not pay attention to hearsays too much. People tend to exaggerate often.

This is from US govt import data, which verified the 10 billion USD number. So no data fudging going on here.

U.S. Textile and Apparel Imports by Country

Data for the past 2 years and current year to date (YTD) and year ending (YE), by country, available in dollars, units or square meter equivalent (SME)

www.trade.gov

Great. Thanks for that link.
I had a conversation with someone in the last few days who actually had to find other arrangements cause he was having trouble securing shipments for his export.
In addition folks connected to BAL are getting ahead in the LC que.

 

[bluesky]

This is not what I am hearing from people who owns garments or related companies in Bangladesh. I hope I am wrong.

It means the export figure for the USA is wrong and not $10 billion as the New Age claims. So, it could be another hoax news produced by the office of the information minister Hasan Mahmud, and the New Age printed it to avoid being tugged by the Digital Laws.

Yes, it is possible. When BD exports rise so high why can the importers not/ Banks even pay the money to release the goods they imported? The ships are waiting out of the port.

Only the BAL party can do this kind of heinous misinformation thing.

Let's not pay attention to hearsays too much. People tend to exaggerate often.

This is from US govt import data, which verified the 10 billion USD number. So no data fudging going on here.

U.S. Textile and Apparel Imports by Country

Data for the past 2 years and current year to date (YTD) and year ending (YE), by country, available in dollars, units or square meter equivalent (SME)

www.trade.gov

I could not see any figures for textiles imports by America. Can you write it?

 

[Chute]

It means the export figure for the USA is wrong and not $10 billion as the New Age claims. So, it could be another hoax news produced by the office of the information minister Hasan Mahmud, and the New Age printed it to avoid being tugged by the Digital Laws.

Yes, it is possible. When BD exports rise so high why can the importers not/ Banks even pay the money to release the goods they imported? The ships are waiting out of the port.

Only the BAL party can do this kind of heinous misinformation thing.


I could not see any figures for textiles imports by America. Can you write it?

 

[leonblack08]

I could not see any figures for textiles imports by America. Can you write it?

@Chute posted the screenshot of the report above.

 

[UKBengali]

Some BD posters were saying and hoping a few months ago that US would “punish” BD for lack of democracy and “human rights abuses” but what we see is BD helping displace China for textile exports to USA.

BD will carry on displacing, along with Vietnam, China in this sector over this decade.

This is a truly great achievement and Biman will buy many more Boeings in return.

Let the trade relations between BD and USA flourish on the basis of mutual respect and economic gains.

 

[mb444]

Like I say you get all the big calls wrong and I get them right as has been proved by our posting history here.

No amount of words from you here is going to change this fact.

Been here somewhat longer than you and my posting is here for all to see.

You live with your gibberish that you like to call facts and be happy with it, why the need for such validation like a child?

You say i get big calls wrong....so be it.... i would have cared if you showed any modicum of education, understanding or lucidity of thought. Deflection won't help when you come up with stuff like advantageous trade scenario hurt BD.

 

[UKBengali]

Been here somewhat longer than you and my posting is here for all to see.

You live with your gibberish that you like to call facts and be happy with it, why the need for such validation like a child?

You say i get big calls wrong....so be it.... i would have cared if you showed any modicum of education, understanding or lucidity of thought. Deflection won't help when you come up with stuff like advantageous trade scenario hurt BD.

Did you not see the date I joined on my profile?

I have been here one year longer than you.

 

[FuturePAF]

BD RMG growth in USA is occurring without any advantageous trade condition such as that exist in EU.

BD post DC graduation should be fine in EU as well as BD is the best in the sector it operates in.

What do you attribute the growth to beyond its current status? Have labor costs not increased or are they still relatively competitive? Is the US market just growing?

 

[mb444]

Great. Thanks for that link.
I had a conversation with someone in the last few days who actually had to find other arrangements cause he was having trouble securing shipments for his export.
In addition folks connected to BAL are getting ahead in the LC que.

I would second your position.

However please note there is a lag between crisis hitting and it being translated into economic numbers.

There would have been a period where imports particularly cotton purchases fell. Some impact of this may come through on the next few months. But at the same time BD maintains some reserves of raw materials so some of that would also be negated.

The devaluation of Taka has also made our exports more competitive.

The situation in Q2 is where we will see the overall impact. On the negative side we have the spectre of global recession so less orders perhaps, taka devaluation and USD crunch making raw material imports, fuel more expensive and difficult to source, high inflation raising salaries in country. But equally on the positive side our imports are cheaper due to devaluation, our logistics have improved with direct shipping to core markets, covid related issues in china causing orders to move to BD and more LEED certified factories in BD. I am hoping the positives will enable the forward trajectory of exports to continue.

For the economy as a whole bumper rice harvest is about to start, booming petrodollar economies leading to huge manpower exports are also a reality.

Positives I think will outweigh the negatives in the medium to longrun.

Did you not see the date I joined on my profile?

I have been here one year longer than you.

Been here since the beginning of this forum dude in various guises since the early 00's. Still no comment on how a world class genius brain of your came to the conclusion that tarrif free trade is holding BD back?

 

[Indos]

What do you attribute the growth to beyond its current status? Have labor costs not increased or are they still relatively competitive? Is the US market just growing?

US market is growing last year compared to 2021 ( still effected by Covid years )

Indonesian appearel was also growing at around 36 percent in US market, not different with India as well

 

[mb444]

What do you attribute the growth to beyond its current status? Have labor costs not increased or are they still relatively competitive? Is the US market just growing?

Multiple things have helped BD. I will focus only on RMG, which i am assuming is the focus of your question rather than on general BD economy.

BD was able to create a integrated ecosystem when it came to RMG through a combination of policy support and great deal of support particularly from Korea.

BD focused first on items that required comparative less mechanisation. We offcourse have unlimited labour supply that BD was able to marshall and channel into RMG sector particularly women. BD discouraged unionisation that has kept salaried low. Unionisation was the primary issue that lead to US withdrawing tarrif free status from BD.

Secondly BD started to go up the value chain and improved its logistics overall.

Lastly whilst exports to US initially reduced tarrif free access remained in the EU that we were able to exploit.

BD was fortunate that we were not totally reliant on US and had EU and was also able to find other markets globally.

To answer your question BDs export to US has expanded many fold in RMG because we remain competitive, expanded our export basket and because we also had other markets. We simply have been able to leverage immense economies of scale that the integrated RMG ecosystem facilitated.

Following Rana plaza disaster BD was also forced to come into environmental and social compliance that the developed markets demanded. We now have more LEED compliant factories than anyone which is necessary to export to US.

Lastly geopolitics have favored BD. Developed economies wanted to move away from china and BD with the necessary setup already in place was able to take advantage. Thats in a nutshell is why BD have continued to expand its footprint in US which is offcourse growing and thus have great deal of demand that BD can service by offering the most competitive price at the quickest time.

Bangladesh boasts 171 Leed-certified green RMG factories now

Green factories help cut down the usage of energy by 40% and consumption of water by more than 30%

www.dhakatribune.com