Bangladesh retook the second position in the global clothing export market in 2021 after it had trailed back in third position by Vietnam in 2020.
World Trade Statistical Review 2022, released by the World Trade Organization (WTO) on Wednesday, showed that Vietnam’s share in global ready-made garment (RMG) exports dropped to 5.80 per cent in 2021 from 6.40 per cent in 2020.
The share of Bangladesh in the global RMG market, however, increased to 6.40 per cent in the last year from 6.30 per cent in 2020. The ratio was 6.80 per cent in 2019 and 6.40 per cent in 2018.
WTO statistical review also showed that RMG exports from Bangladesh rebounded strongly in the last year, recording 24 per cent annual growth.
In 2020, the exports faced a big setback and declined by 17 per cent against 7 per cent growth of Vietnam’s RMG exports.
The share of Bangladesh in the global clothing export market was 4.20 per cent in 2010, when the share of Vietnam was 2.90 per cent.
China retained that first position by increasing its share to 32.80 per cent of the global clothing export market in the last year from 31.60 per cent in 2020.
European Union (EU), according to the WTO publication, is the second largest global exporter of RMG. So, technically, Bangladesh is the third largest global RMG exporter, and Vietnam is the fourth largest.
If EU’s combined export figure were disaggregated country-wise, Bangladesh and Vietnam would be the second and third top exporters.
Türkiye (Turkey) and India remained in the fifth and sixth positions, followed by Malaysia, Indonesia, Hong Kong, and Pakistan.
WTO statistics also showed that the annual export value of the top 10 exporters of clothing stood at $460 billion, a big jump from $378 billion in 2020. The value was recorded at $411.0 billion in 2019.