North America's share rises to 24.4% in Bangladesh's garment exports

According to an analysis of trade data sourced from Fibre2Fashion’s market insight tool TexPro, the share of North America in Bangladesh’s total garment exports increased to 24.42 per cent in 2023 from 21.11 per cent in 2019.

In terms of value of garment exports, Europe is the largest market for Bangladesh with a share of 57 per cent in 2023. However, this was lower than the 62.83 per cent share of Bangladeshi total garment exports in 2019.

The share of Asia Pacific region in Bangladeshi garment exports increased to 12.66 per cent in 2023 from 11.72 per cent of 2019.

Bangladesh’s total apparel exports amounted to $33.936 billion during 2023. Of this, the shipment to North America was $8.287 billion, to Europe was valued at $19.344 billion, and to Asia-Pacific region at $4.297 billion.

Five years ago, in 2019, the exports to North America were $7.320 billion, which was 21.11 per cent of Bangladeshi total garment exports of $34.670 billion. The shipment to Europe was valued at $21.783 billion (62.83 per cent) and to Asia Pacific $4.061 billion (11.72 per cent), as per TexPro.

It is to be noted that Bangladeshi total garment exports took a hit in 2020 when it slipped to $27.307 billion due to COVID-19 disruption. The trade recovered to $33.835 billion in 2021 and further surged to $43.485 billion in 2022.

ALCHEMPro News Desk (KUL)