Farrukh Khosru :
The World Trade Organization (WTO) in its latest data has unveiled that Bangladesh exported $38.4 billion worth of clothing in 2023, making up 7.4% of the global market.
However, according to the new data released on Thursday (1 August) through the WTO’s interactive tool “World Trade Statistics 2023 – Key Insights and Trends”, this figure is nearly $9 billion less than the $47.4 billion reported by the Export Promotion Bureau (EPB).
In May, Bangladesh found itself embroiled in a numerical puzzle when the Bangladesh Bank identified discrepancies in the country’s export figures.
These discrepancies revealed a $10 billion gap in export data for the last nine months of FY24, based on revised numbers from the National Board of Revenue (NBR).
Consequently, the Export Promotion Bureau (EPB) has halted the release of export data for three months starting in July to address these inconsistencies.
Despite global market challenges and rising production costs due to increased raw material and energy prices, Bangladesh maintains its position as the world’s second-largest clothing exporter, following China.
The country’s market share has grown significantly, from 2.5% in 2005 and 4.2% in 2010 to 7.4% in 2023.
China remains the top clothing exporter, although its share of global exports decreased from 36.6% in 2010 to 31.6% in 2023, with total exports amounting to $165 billion.
Vietnam, ranking third, exported $31 billion worth of clothing in 2023, reflecting an increase in market share from 2.9% in 2010 to 6.0% in 2023.
According to WTO data, Bangladesh exported approximately $7 billion more in apparel than Vietnam in 2023. In 2018, both countries exported roughly $32 billion worth of clothing. Vietnam surpassed Bangladesh in 2020, but Bangladesh regained the second position in global clothing exports in 2021.
Türkiye ranked as the fourth-largest clothing exporter with a 3.6% global share and exports worth about $19 billion in 2023, followed by India, which held a 3.0% market share with garment exports totaling $15 billion.
However, the WTO digital data platform indicated that Bangladesh dropped to the 55th rank among the largest merchandise exporters in 2023, down from 49th in 2022.