According to data from the Bangladesh Export Promotion Agency, ready-made garment exports in July-December 2022/23 were US$23 billion, and US$20 billion in July-December 2021/22, compared with the same period in the same period Growth of 15.6%.
Knitted and woven garment exports grew by 13.4% and 18.3%. Bangladesh is the world’s second largest importer of garments after China, with more than 3,500 garment factories and products exported to 167 countries. The garment sector accounts for 84% of total exports.
The Bangladesh Garment Manufacturing and Export Association (BGMEA) stated that its goal is to reach 10% of the global ready-made garment market share by 2025, and plans to achieve 1,000 by 2030. billion in exports.
According to the “2021 Trade Statistics Review”, Bangladesh’s global market share in 2021 was 6.3%. Bangladesh is one of the main winners from China’s switch to diversification of procurement.
Dr. Sheng Lu, professor of clothing and fashion research at Devara University in the United States, said: China is a key factor in changing the procurement model of American fashion companies. In particular, as U.S.-China trade tensions intensify and concerns arise about other supply chain risks associated with sourcing from China, U.S. fashion companies continue to reduce their “China risk exposure.” From January to September 2019, as many as 165 projects (approximately 76%) in China saw their market share decline. In addition, 107 products (about 50%) were lost, accounting for more than 5 percentage points of market share.
Bangladesh has gradually surpassed China to become the world’s largest supplier of ready-made garments.
