Bangladesh remains 2nd largest garment exporter
Image Courtesy: Sunfrog.com
Bangladesh remains the second largest apparel exporter in the world, according to fresh data released from World Trade Organisaion (WTO) for the year 2017.
It remained in the second spot with 6.5 per cent global market share, behind giant China – 34.9 per cent – and marginally ahead of Vietnam (6.3 per cent). This was a marginal 0.1 per cent rise from the percentage of market share of Bangladesh back in 2016.
WTO’s trade data said Bangladesh exported a net of US $29 billion during 2017. The data also showed that in 2017, the top 10 exporting nations’ share in the clothing sector accounted for 87.8 per cent of the total and its value was US $457 billion.
China’s market share shrank a bit from what was 36 per cent back in 2016 – hinting that retailers and brands might be pursuing a China plus sourcing strategy. In 2017, China exported US $158 billion worth of products.
Vietnam, Bangladesh’s closest competitor which is closing the gap pretty fast, exported a total of US $27 billion during 2017. It is currently the third biggest apparel supplier.
An emerging Asian nation in the apparel business, India ranked fourth in the global market with a 4.1 per cent global market share. It exported US $18 billion in value.
In the immediate past fiscal year 2017-18, garment shipments brought home US $30.61 billion, up 8.76 percent year-on-year basis, according to data from Bangladesh Export Promotion Bureau. It also beat the target of US $30.16 billion for the fiscal.
Almost all top clothing retailers and brands like H&M, Walmart, JC Penney, Inditex, Zara, Gap, M&S, Uniqlo, C&A, Best Seller, Tesco, Hugo Boss, Adidas and many more have been souring billions of worth of garment items from Bangladesh every year.
For Regular Industry Insights