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In 2020, Bangladesh fell to second place behind Vietnam in the export of clothes, earning $27.47 billion compared to $29.80 billion. With export revenues of $35.81, Bangladesh reclaimed that position in 2021, and it kept it in 2022 as well. Additionally, Bangladesh's market share in the world's garment market has grown to 7.9%.
Bangladesh is the second-largest exporter of garments as a whole, with $45 billion in apparel exports in 2022, according to the WTO's World Statistical Review 2023. China continues to hold the top spot. However, Vietnam, another Asian nation, continues to fight Bangladesh in this industry and has maintained its third-place ranking.
The top 10 nations that export clothing are listed in the World Trade Statistical Review 2023 report along with their exports, market shares, and growth. As can be seen, China continued to dominate the global clothing export market in 2022, sending out garments worth $182 billion. However, China's percentage of global clothing exports decreased from 32.8% in 2021 to 31.7% in 2018.
Vietnam maintained its third-place ranking within the same time frame, exporting garments worth $35 billion with a 6.1 percent market share. With a 3.5% global market share and projected garment exports of $20 billion in 2022, Turkey has risen to the position of fourth-largest exporter of apparel. India comes in second with a market share of 3.1% and garment exports worth $18 billion.
The WTO survey also showed fluctuations in the market share of the major exporters of clothes. In this instance, data from 2000, 2005, 2010, and 2022 are provided. It seems that China's market share has been declining recently. The country exported 18.2% of the world's clothing in 2000. In 2005 and 2010, it rose to 26.6 and 36.6 percent, respectively. However, the nation's contribution to global garment exports fell by 31.7% in 2022.
It is truly encouraging to see Bangladesh maintain its position as the world's second-largest exporter of garments behind China while coping with growing production costs brought on by a slowdown in the global economy and rising prices for raw materials and energy. Exporters attributed this expansion to shifting orders from China and the nation's attempts to focus on value-added products.
If the government provides them with the required assistance, such as a steady supply of energy and advantageous taxes and levies, exporters anticipate that exports will increase even more.
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