Bangladesh retains position as world's 2nd largest apparel exporter
04 August 2023, Mumbai
Bangladesh retained its position as the world's second-largest apparel exporter in 2022, with its share in the global apparel market climbing to 7.87% from 6.37% in 2021.
This is the first time that Bangladesh's share in the global apparel market has crossed the 7% mark.
The growth of Bangladesh's apparel export was driven by a number of factors, including the country's competitive wages, strong infrastructure, and political stability.
The government of Bangladesh also played a key role in supporting the growth of the apparel industry, providing tax breaks and other incentives to garment manufacturers.
In 2023, the growth of Bangladesh's apparel export is expected to slow down due to a number of factors, including the global economic slowdown and the rising cost of raw materials. However, Bangladesh is still well-positioned to remain a major player in the global apparel market.
The country has a large and skilled workforce, and it is making investments in new technologies and sustainable manufacturing practices.
Share in the global apparel market climbs
- The growth of Bangladesh's apparel export was particularly strong in the United States and European Union markets.
- Bangladesh surpassed China's share of the European Union apparel market in volume in 2022.
- The government of Bangladesh has set a target of reaching 12% of the global apparel market share by 2030.
- Bangladesh is making investments in new technologies and sustainable manufacturing practices to remain competitive in the global apparel market.
CREDITS: BGMEA Press Release.