1 week Ago By Firstpost
Amid the recent political upheaval in Bangladesh, American apparel buyers have shifted their focus and dependency on India as they see a political stability in the country. Trust building on India “Brands are more willing to source high-value or fashion items from India compared to less politically stable countries, as they are confident they will be able to produce and receive their products,” a report by The Times of India quoted a US International Trade Commission (ITC) as saying. Both India and Bangladesh are key players in the global market of ready-made garments, but recently, instability in political and economic situations in Dhaka has given an edge to New Delhi over its neighbouring nation.
Bangladesh is currently being led by an interim government headed by Nobel laureate economist Muhammad Yunus who took charge on August 8. India to grab more fashion, apparel orders According to the US ITC report, the domestic industry is optimistic about the sector’s future and anticipates an increase in orders for Indian manufacturers, who aim for 80 per cent of their production to cater to the local market. Apart from this, both Indian and American agencies have identified capacity challenges to supply more garments.
India gets an all-clear from US ITC As per the report, India, which is among “profiled country” has received an all-clear from the US-ITC. The others in the list of “profiled country” include Bangladesh, Pakistan, Indonesia and Cambodia, which along with Vietnam achieved market share from China over the last decade. Last year, almost one-third of India’s apparel worth $4.
6 billion was shipped to the US, making it the largest export destination for the country. India’s apparel export to the US rose from 4 per cent in 2013 to 5.8 per cent in 2023, making the country the fourth largest supplier to Americans.
Meanwhile, China’s apparel export to the US dropped from 37.7 per cent in 2013 to 21.3 per cent in 2023.
Vietnam emerged the biggest beneficiary increasing its export to 17.8 per cent from 10 per cent a decade ago..
