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The 2020 USFIA Fashion Industry Benchmark Study indicates that Bangladesh is a potential sourcing market for the United States.
Publication Time:
Jan 11,2023
The 2020 USFA Fashion Industry Benchmark Study indicates that Bangladesh is a potential sourcing market for the United States. This year, Bangladesh was the third largest sourcing destination, with 85.7% of respondents utilizing it, a significant increase from the 60% in the 2019 benchmark study. Looking ahead to the next two years, 55% plan to expand their sourcing value or quantity (compared to 60% in 2019), while another 30% expect no change. Official trade data supports this trend – in terms of value, Bangladesh accounted for 9.4% of US apparel imports in the first five months of 2020, a record high, up from 7.1% in 2019.
Overall, respondents indicated that apparel "Made in Bangladesh" offers a significant price advantage compared to many other Asian suppliers. "Made in Bangladesh" showed a significant price advantage for cotton apparel products, which account for nearly 77% of the country’s total apparel exports to the US. Lower labor costs by 59%, and a strong capacity for local cotton and fabric production (primarily for knit apparel) rather than relying on imports, contributed to the cost advantage of "Made in Bangladesh".
However, due to reliance on imported textiles, Bangladesh does not appear to have as significant a price advantage for man-made fiber (MMF) apparel products. That being said, as an interesting new trend, trade statistics show that the value of Bangladesh’s MMF apparel exports to the US increased by 5.5% in the five months of 2020. In contrast, during the same period, exports from China and Vietnam decreased significantly (down 44.5% and 8.8%, respectively). MMF apparel may be a potential new growth engine for Bangladesh’s exports as US fashion companies look to diversify sourcing from China and Vietnam’s sourcing capacity is unavailable.
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