Bangladesh Maintains Second Spot In Garment Exports
Bangladesh is a major player in the global garment industry and the country has maintained its position as the second largest player in the global garment trade with a 7.4 per cent market share. According to the WTO’s “World Trade Statistics 2023,” released on July 31, Bangladesh’s garment exports totaled $38 billion in 2023. However, Bangladesh Export Promotion Bureau (EPB) initially reported $47.38 billion in exports. The EPB later corrected its figure, acknowledging that the export data had been inflated due to double-counting by the customs department of the National Board of Revenue.
China remains the top garment exporter, shipping apparel worth $165 billion and holding a 31.6 per cent market share. Vietnam ranks third with $31 billion in exports and a 6 per cent market share, followed by Turkey with $19 billion in exports and a 3.6 per cent market share. India is the fifth-largest garment exporter, with $15 billion in exports, accounting for 3 per cent of the global market. Indonesia, with a 1.6 per cent market share, exported $8 billion worth of garments in 2023.
The WTO also reported that in 2023, global trade in goods and commercial services declined by an average of 2 per cent to $30.5 trillion on a balance of payments basis. While trade in goods fell by 5 per cent, trade in services increased by 9 per cent. Consequently, the share of goods in global trade decreased from 77.8 per cent in 2022 to 75.3 per cent in 2023, while the share of services rose from 22.2 per cent to 24.7 per cent.
The global supply chain faced significant volatility last year due to several factors, including the aftermath of the Covid-19 pandemic, the Russia-Ukraine war, higher inflationary pressures on Western consumers, labour unrest over wage demands for garment workers, the Red Sea crisis, and a sharp rise in freight charges.
