Global Garment Trade Rises 7.26% In 2022
According to the World Trade Organisation (WTO), global garment trade rose 7.26 percent in 2022 and amounted to US $576 billion as against $537 billion in 2021.
China is the largest supplier of apparel in the world while Bangladesh retains second spot and its market share climbed to 7.87 percent in 2022 as against 6.37 percent in 2021.
“It is worth mentioning that Bangladesh has maintained over 6 percent share in the global clothing market since 2016 and for the first time this share crossed 7 percent,” Bangladesh Garment Manufacturer & Exporters Association (BGMEA) said.
During 2022, Bangladesh’s apparel export to the world increased by 32.60 percent year-over-year to $45.35 billion, while that of China grew 3.60 percent from a year ago period to $182.42 billion in 2022.
“However, the global market share of Chinese garments fell to 31.67 percent in 2022 from 32.79 percent in 2021,” BGMEA noted.
Vietnam ranked as the third largest exporter to the global apparel market with 6.12 percent and its garment export to the world grew 13.05 percent to $35.27 billion in 2022.
Vietnam was followed by Turkey with a worldwide market share of 3.46 percent and its clothing exports to the world reached $19.91 billion in 2022, up 6.27 percent over 2021.
Global exports of garments of other countries like India, Indonesia and Cambodia also grew by 9.67 percent, 8.14 percent and 12.14 percent, respectively.
Besides the share of India, Indonesia and Cambodia stood at 3.07 percent, 1.75 percent and 1.58 percent, respectively.
“However, the growth in overall garment trade is mainly attributed to global inflation, including the abnormal rise in shipping costs in 2022,” BGMEA explained.