Apparel exports to the world's largest importing markets, such as the United States and the European Union, were notably high in 2022. The United States Fashion Industry Association's (USFIA) annual Fashion Industry Benchmarking Study highlighted factors that support even stronger future apparel export prospects.
According to the study, US fashion companies are reallocating sourcing orders to markets, including Bangladesh, in response to the Uyghur Forced Labor Prevention Act, China Section 301 tariffs on Chinese apparel exports, and efforts to minimise logistical and political risks. Bangladesh, India, and Vietnam were identified as the three suppliers that retailers plan to increase sourcing from over the next two years. Moreover, the USFIA study showed that Bangladesh is the most competitive apparel supplier from a cost structure point of view, scoring higher than any other country.