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Bangladesh Beats China in Readymade Garment Export, Touches $9 Billion

Business Habit ⋅ @businesshabit ⋅ Dec 22, 2023

Strategic considerations support Bangladesh's rise to the top of the knitwear export rankings to the European Union (EU), where it will overcome China from January to September of 2023. The Everything But Arms (EBA) program, which offers duty advantages to boost the competitiveness of Bangladeshi exports, is a major motivator. Due to this favorable status, Bangladesh's knitwear exports to the EU now total $9 billion, surpassing China's $8.9 billion.


Bangladesh's development has also been propelled by strategic investments in high-value goods, especially sportswear. Increasing the variety of products offered and emphasizing quality boost the nation's attractiveness in the international market. Compared to China's 442 million kilos, the EU purchased a significant 571 million kilograms of knitwear from Bangladesh.


Bangladesh’s robust performance extends beyond knitwear, as it leads in denim sourcing for both the EU and the US. Additionally, the nation holds a prominent position in supplying cotton apparel to the US market. This multifaceted success underscores Bangladesh’s growing influence in the global textile industry, driven by a combination of trade-friendly initiatives and strategic business decisions.


Meanwhile, ready-made clothing exports from Bangladesh were USD 22.88 last year. Compared to 2021, this export figure is 35.69% greater. Turkey was the third-largest exporter of ready-made clothing to the EU last year, behind Bangladesh and China, with exports valued at USD 11.98.  


In addition, ready-made clothing worth USD 8.48 has been exported from India; Vietnam, USD 4.57; Pakistan, USD 3.94; Cambodia, USD 3.81; Morocco, USD 3.12; Sri Lanka, USD 1.62; and Indonesia, USD 1.36.


Bangladesh is the second-cheapest exporter of ready-made clothing to the EU market. The cost per kilogram of ready-made clothing that Bangladesh shipped last year was USD 17.27, up from USD 15.41 in 2021.


That indicates that last year, Bangladesh's exports of ready-made clothing had an almost 12% increase in price. Pakistan exported ready-made clothing last year for less money than Bangladesh did. They export ready-made clothing for an average price of roughly USD 14.5 per kilogram.


However, last year, the EU bought clothing at an average cost of USD 22.48 per kilogram from various nations. Vietnam had the highest rate of USD 30.75 per kg of clothing exported. In this instance, Morocco and Indonesia rank second and third, respectively, with garment exports valued at USD 29.69 and USD 29.88 per kilogram.


Aside from that, the average value of ready-made clothing exported from Sri Lanka was USD 28.54, Turkey was USD 25.39, India was USD 23.27, China was USD 23.03, and Cambodia was USD 22.18 per kilogram.
Category and Tags
Business Insider Readymade Garment, Bangladesh Beats China, Garment Export
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