Garment exports to US markets fall
Textiles and apparel exports to the US fell 0.56 percent to $1.77 billion in the first four months of 2014 from the same period last year, according to data from the US Department of Commerce.
Declining exports to Bangladesh's single largest export destination indicates that a downtrend started in garment exports, said Reaz-Bin-Mahmood, vice-president of Bangladesh Garment Manufacturers and Exporters Association, the garment makers' platform.
After the Rana Plaza collapse, 175 export-oriented small and medium garment factories were closed, he said.
International retailers are not increasing the prices of garment units now, and work orders are now shifting to Vietnam and other neighbouring countries, he said.
Bangladesh was the sixth largest sourcing country for the US, while China remained at the top of the list by exporting $11.49 billion of textiles and apparel.
In January-April, the US imported textiles and apparel items worth $32.89 billion, which is 3.23 percent higher than in the same period last year.
In the same time, India, the second on the list after China, exported $2.34 billion of textiles and apparel items, a 5.88 percent rise from the same period last year.