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Bangladesh surpasses Vietnam again in global RMG exports

Published : Thursday, 1 December, 2022 at 8:33 PM  Count : 620
Observer Online Business Desk

Bangladesh surpasses Vietnam again in global RMG exports

Bangladesh surpasses Vietnam again in global RMG exports


Bangladesh bagged the second position again in the global apparel export market in 2021 after it was pushed back in third position by Vietnam in 2020, reports BSS.

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% in 2021 from 6.40% in 2020.

The share of Bangladesh in the global RMG market, however, increased to 6.40% in the last year from 6.30% in 2020. The ratio was 6.80% in 2019 and 6.40% in 2018.

WTO statistical review also showed that RMG exports from Bangladesh rebounded strongly in the last year, recording 24% annual growth.

In 2020, the exports faced a big setback and declined by 17% against 7 percent growth of Vietnam's RMG exports.

The share of Bangladesh in the global clothing export market was 4.20% in 2010, when the share of Vietnam was 2.90%.

China retained that first position by increasing its share to 32.80% of the global clothing export market in the last year from 31.60% in 2020.

The 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 figures were disaggregated country-wise, Bangladesh and Vietnam would be the second and third top exporters.

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.

END/SZA



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