Bangladesh’s garment exports to its primary markets, the US and the European Union (EU), have declined significantly in the first seven months of this year. Exports to the US decreased by 10.28%, with total exports amounting to nearly $4.10 billion, down from $4.57 billion during the same period last year. In comparison, Vietnam’s exports fell by only 1.53%, amounting to $809 million. Similarly, garment exports to the EU’s 27 countries declined by approximately 5%, with exports totaling $1.11 billion, down from $1.17 billion a year earlier. Competitors like India and Vietnam have seen lesser declines in their exports, with India at 1.9% and Vietnam at 5%. The overall import of garments into the US and EU markets has decreased by 4.61% and over 5%, respectively. Concerns have arisen among stakeholders about the potential risks to Bangladesh’s export sector if this trend continues, but there is a belief that the situation may improve due to favorable conditions and increased demand. The decline has raised alarm as Bangladesh’s garment industry faces intensified competition from other countries.
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