50 Star US Inc.
Bangladesh sold ready-made clothing worth $6.62 billion to the US in the first eight months of last year. The cost of cloth-made clothing at that time was $2.97 per square meter. It rose to $3.27 throughout the first eight months of this year. In other words, the cost of apparel has gone up by 10.35%. This is extremely encouraging news for the RMG sector in Bangladesh.
With the exception of China, all major exporting nations have seen an increase in clothing prices. China's garment export price fell from $1.95 per unit (per square meter) in the first eight months of last year to $1.89, a 3.16% decline.
The country with the biggest unit price increase to the US market was Cambodia, where prices rose from $3.03 to $3.38 during the same time last year by 11.47%.
Vietnam's apparel unit price climbed by 4.88% during this time to $3.76, Indonesia's by 6.03% to $4.21, India's to 3.81, Mexico's to $4.00, Honduras' to 3.48%, Pakistan's to 3.04%, and India's to 3.81.
According to the aforementioned data, Bangladeshi garment prices on the global market are now comparable to those of rival nations. The industry believes that the current price increase is a consequence of Bangladesh's long-standing discussion of exporting high-end clothing.
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