50 Star US Inc.
Bangladesh's export earnings have largely been sustained by the US and European Union (EU) markets throughout the global economic downturn. But out of all of these, the United States' status as a single market comes out on top. Additionally, the United States leads other nations in terms of FDI in Bangladesh.
Data from the Export Promotion Bureau (EPB) and Bangladesh Bank show that 20 percent of all exports from the nation are made to the United States. The majority of foreign direct investment (FDI), or 19 percent, came from US investors.
In terms of product exports, the United States has long been Bangladesh's greatest single market. Germany briefly replaced the US as the leading market for Bangladeshi goods, but that did not persist for very long. However, the EU receives 44.60 percent of all product exports. Bangladesh offers duty-free exporting services to this market.
Bangladesh exported commodities worth $52.08 billion in the previous fiscal year, according to EPB data. Spain had the biggest export to the United States ($14.2), followed by Germany ($7.59), the United Kingdom ($4.83), France ($2.71), and Germany ($7.59). The United States saw the biggest rise in their exports of commodities among these four nations, at 49%.
Manufacturing garments accounted for $9.01 billion in exports to the US market in the previous fiscal year, or 64 percent of all exports. In addition, $310 million worth of home textiles were shipped. 17.85 percent of Bangladesh's domestic textile exports and 21% of its ready-made clothing exports go to the US.
However, because of the turbulence throughout the world, shipments of goods to the US market declined by 8% in the first 10 months of the current fiscal year 2022–23. Nevertheless, exports to the nation totaled $7.94 billion, of which $6.95 billion—or around 18% of all ready-made garment exports from Bangladesh—was made up of items.
US is a very important market for the export of our made clothing, according to BGMEA President Faruque Hassan. We are able to export any products to the EU duty-free through the Preferential Market Facility, also known as the GSP. Because of this, the EU currently receives roughly half of our exports of ready-to-wear clothing. Even though the US does not provide us GSP status, 21% of the clothing is exported to the nation. Additionally, we're attempting to raise it.
He stated, "US businessmen are transferring their purchase orders out of the nation due to the trade battle with China. Vietnam's garment exports to the US market are once again declining as a result of the use of Chinese cotton. These two nations' purchasing orders are being transfered to Bangladesh.
Interestingly, even with an average tax of 15%, our products are still competitive on the US market. Concerns concerning the duty-free export facilities to numerous nations, including the EU, India, China, and Canada, have been raised since graduating from LDS. However, the US market is not affected by this issue. As a result, after the shift from LDC, the importance of the United States will rise. Additionally, the United States leads other nations in terms of FDI in Bangladesh. Data from the Bangladesh Bank show that up through December 2022, foreign direct investment (FDI) into the nation totaled $21.15 billion. The largest investment among them was from the United States at 19.38 percent, or $4.1 billion.
50 Star US Inc. is the best place to source your apparel from Bangladesh. We are working with Bangladesh's apparel sector with more than 13 years and we can guarantee you that you can find find best quality garment at best and cheap price.
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