Upturn in garments export to US

There has been a noticeable bounce-back of confidence among the US retailers in Bangladeshi garments. This is attributed to an improvement in safety environment of the garments sector induced by the Rana Plaza disaster and a generally positive appraisal by Accord and Alliance, the agencies designated to inspect the compliance status. To a large part though, a rebound in the American economy buoyed up demands.

Thus, in effect, we see a virtual breaking of the jinx. Where all throughout last year, garment exports to the US declined by 3.17 percent year-on-year basis to $4.64 billion during January-November period, from January-May, 2015 alone exports rose by around 8 percent. From March in particular, the retailers' confidence picked up. The president of BGMEA maintains that Bangladesh has been receiving the work orders 'shifted out of China'. 

In the current spate of garment imports from the US, Bangladesh ranks sixth among the top 10 exporting countries. China, India, Vietnam, Pakistan and Mexico are ahead of us, according to data released by the US Department of Commerce. The US being the single largest destination for our garment exports, we have to make the most of the market potential through product diversification and aggressive salesmanship. The $5.6 billion US export market for us leaves ample room for expansion.

To that end, we need to be more competitive with our product, maintain compliance standards and ensure timely deliveries underpinned by a stable political order.