50 Star US Inc.
The market of the top oil-producing nations has emerged as a new potential in the present global context. The primary garment export from Bangladesh has seen a significant increase in some of these markets during the current fiscal year 2022–2023.
The top 10 oil-producing nations in the globe in 2021, according to the US Energy Information Administration, will be the United States, Saudi Arabia, Russia, Canada, China, Iraq, United Arab Emirates, Brazil, Iran, and Kuwait.
The United States and Canada are the traditional markets for garments produced in Bangladesh, which are among the top 10 oil-producing nations in the world. Additionally, as a singular destination, the US exports clothing the most. Export Promotion Bureau (EPB) statistics show that this fiscal year, apparel exports to seven of the top ten oil-producing nations—Saudi Arabia, Canada, China, UAE, Brazil, Iraq, and Kuwait—increased.
Bangladesh is pleasantly surprising the Middle Eastern market with its made apparel exports. Saudi Arabia's exports of clothing have grown by 47%, those of the United Arab Emirates by 18%, Kuwait by 90%, and Iraq by 171%. However, Bangladesh only sends a small amount of manufactured clothing to Iraq and Kuwait.
According to EPB data, Bangladesh exported ready-made clothing worth $210 million to the UAE in the first eight months of the current fiscal year, an increase of 18.40 percent over the same time in 2016. In addition, during the recent July-February period, Saudi Arabia imported apparel worth $146 million, up from $99.2 million during the same time the previous year.
In the first eight months of the current fiscal year, Bangladesh shipped ready-made clothing worth $167 million to China, the other major oil producer outside of the Middle East. This nation's exports grew by 10.76%. In addition, apparel valued $11.5 million worth of exports to Brazil have been made, up 59 percent from the same time last year.
In the meantime, following the war between Russia and Ukraine, many Western brands closed their stores in Russia. Exports of clothing have consequently inevitably decreased. Ready-made clothing worth $265.5 million was shipped to Russia in the first eight months of the current fiscal year, which is 44.81 percent less than during the same time last year.
Those who are concerned claim that the oil-producing nations, particularly those in the Middle East, are in a favorable situation given the present economic turmoil around the world. There, our RMG shipments are also rising. In this circumstance, we must take initiative to seize as many chances as are available in this area.
Having manufactured clothes in Bangladesh for the past 30 years, 50 STAR US INC., from fiber to fashion, are familiar with almost every requirement that the fashion industry is seeking at the time. For instance, the sustainability, recycling, and ethical business model are by no means foreign to us. Your first option for a one-stop shop for clothing shopping should be 50 Star US Inc.
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