Staff Reporter :
Despite grappling with numerous challenges, Bangladesh remains firmly established as the world’s second-largest exporter of ready-made garments (RMG).
The global apparel sector has witnessed a notable contraction of 9.62 per cent, with the total market value dipping from $576 billion in 2022 to $520.62 billion in 2023. Despite this downturn, Bangladesh’s prominence in the industry endures.
According to RMG sector entrepreneurs, Bangladesh’s share of the global apparel market has slightly decreased, falling from 7.87 per cent in 2022 to 7.38 per cent in 2023. The nation’s export value also experienced a significant decline of 15.32 per cent, dropping to $38.40 billion.
China continues to lead as the largest apparel exporter, though it too has seen a reduction of 9.69 per cent in its export value, which fell from $182.42 billion in 2022 to $164.74 billion in 2023. China’s market share remained relatively steady at 31.64 per cent, compared to 31.67 per cent the previous year.
Vietnam, holding the third position, reported a decline of 12.00 per cent in export value, bringing its total to $31.04 billion in 2023. Turkey’s clothing exports saw a less severe decrease of 5.89 per cent, reflecting its strategic position and diversified market reach.
Other key exporters also faced challenges, with India, Indonesia, and Cambodia experiencing drops in export values of 13.24 per cent, 17.27 per cent, and 12.59 per cent, respectively.
These reductions highlight the widespread difficulties confronting apparel-exporting countries amid the current global economic conditions.