Bangladesh's footwear exports to US rise by 64.4% YoY in 2022

23 Apr '23

1 min read

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Insights

As US buyers relocated their sourcing from China and Vietnam, Bangladesh's footwear exports to the US rose by 64.4 per cent to $451.40 million in 2022 against $274.58 million in 2021.
Export earnings from footwear in 2022 rose by 25.63 per cent year on year to $1.28 billion.
Exporters are hopeful of the US turning a bigger market than the EU in future.

As US buyers relocated their sourcing from China and Vietnam, Bangladesh's footwear exports to the United States rose by 64.4 per cent to $451.40 million in 2022 against $274.58 million in the previous year.

According to the US department of commerce, Bangladesh's leather footwear exports to the US market last year also grew by 63.25 per cent to $406.49 million from that of $249 million in the previous year.

According to the Bangladesh Export Promotion Bureau (EPB), Bangladesh's export earnings from footwear in 2022 increased by 25.63 per cent to $1.28 billion from $1.02 billion in 2021. Leather footwear contributed $795.53 million.

The country’s footwear exports to the European Union last year stood at $540.33 million, the EPB data showed.

Footwear exporters in Bangladesh are hopeful of the United States turning a bigger market than the European Union in future.

They also said that US buyers were going for country-of-origin diversification and Bangladesh, India, Indonesia and Cambodia were benefiting from the rise in orders.

ALCHEMPro News Desk (DS)

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