Bangladesh remained the second largest readymade garment (RMG) exporter globally by earning $45 billion from the sector in 2022, and holding 7.9 per cent of the total market share. This is a significant increase, as the country held only 4.2 per cent of the global market in 2010.
China is still the chart topper in 2022, while Vietnam – Bangladesh’s closest competitor – is in the third position.
According to the World Trade Organisation (WTO) World Trade Statistical Review 2023, the top ten RMG exporters are – China, European Union (EU), Bangladesh, Vietnam, Turkey, India, Indonesia, Cambodia, Pakistan and the US.
Together, they exported clothes worth $492 billion in 2022, which is 85.5 per cent of total exports in the year globally. This percentage was 82.6 in 2010 and 62.8 in 2000. This means that top ten countries’ (including euro zone) contributions to the total apparel exports is increasing.
In 2022, China exported RMG worth $182 billion, which is 37.7 per cent of the total global exports. During the same period, Bangladesh’s main competitor Vietnam earned $35 billion through the apparel sector, and held 6.1 per cent global market share.
In 2010, China’s global market share was 36.6 per cent, Bangladesh’s 4.2 per cent and Vietnam’s 2.9 per cent. It means that though Bangladesh posted an excellence growth in the global market share compared to China, Vietnam’s earnings growing even more rapidly.
Vietnam was able to manage such a feat as the country is manufacturing high-value clothes, and receiving much better prices from the buyers compared to Bangladesh.
