Garment exports to US market plummet by 25pc in 2023
Dhaka, Feb. 9 -- Bangladesh's apparel exports to the United States -- its biggest export market -- plunged by more than 25 per cent in 2023, as a global economic slowdown combined with local production hurdles squeezed the industry.
Stubbornly high inflation and rising interest rates globally dampened consumer demand, leading to excess inventory in US retail stores.
This, coupled with domestic challenges like inconsistent power and energy supply and a US dollar shortage for raw materials, made things difficult for the local garment exporters.
They said the ongoing sluggish economy, triggered by the twin crises of the Covid-19 pandemic and the Russia-Ukraine war, has left retailers in the USA with excess inventory, discouraging Western ...
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