The share of Bangladesh in global apparel trade grow to 6.40% in 2021, according to World Trade Organization (WTO) data published recently, higher from 6.26% in 2020.
WTO data, titled World Trade Statistical Review 2022 showed that Bangladesh retained its second position worldwide after China, followed by Vietnam.
The country shipped $34 billion worth of garments last year.
China retained its top position grabbing a 32.8% market share and exported apparel worth $176 billion, said the data.
Vietnam became the third largest garment exporter with a 5.8% market share and exported garment items worth $31 billion.
Turkey became the fourth largest garment exporter grabbing a 3.5% share and exported apparel worth about $19 billion last year.
The WTO statistics also showed that the annual export value of the top 10 exporters of clothing stood at $460 billion, a big jump from $378 billion in 2020.
The value was recorded at $411.0 billion in 2019.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently organized the country’s biggest-ever event in the apparel sector, the Made in Bangladesh Week, as it looks to raise the nation’s share in the global apparel market to double-digit in three years and earn $100 billion by 2030.
The BGMEA plans to elevate the country’s share in the global apparel business to 10% by 2025 from the current stage.
Garment shipments clocked a 35.47% year-on-year growth in fiscal year 2021-22, netting $42.61 billion. The BGMEA’s roadmap is aimed at diversifying markets and products and decreasing risks, if any.
However, due to a lack of market diversification, 73% of Bangladesh’s garment exports are limited to nine countries — the US, Germany, the UK, Spain, France, Italy, the Netherlands, Canada and Belgium.
The BGMEA is also hoping for Asian markets to become major export destinations alongside the existing top three destinations, namely the European Union, the US, and Canada.
Asia’s apparel market is projected to be worth $613.70 billion in 2022, with the market expected to annually grow by 5.35% from 2022 to 2026, according to German market and consumer data provider Statista.