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Bangladesh is the world's second-largest exporter of ready-made clothing, but to keep that position, Bangladeshi exporters must compete with producers in nations like Vietnam, India, Cambodia, Indonesia, and Turkey. Currently, they export more than their rivals do, but their pricing are considerably lower in comparison.
The worldwide garment market reached $576 billion in value last year, according to figures from the World Trade Organization (WTO), and Bangladesh's market share has risen to 7.9 percent of this total. Bangladesh provided the global market with clothing worth $45 billion. The United States and European Union (EU) nations are the two biggest markets for the clothing this region exports. According to the official statistics of the regions and countries that serve as destinations, Bangladeshi exporters receive the lowest prices for the supplied clothing.
Bangladesh is currently the third-largest supplier to the US market, according to data from the Office of Textiles and Apparels (OTEXA) under the US Department of Commerce. Vietnam, the second-largest supplier nation, provided the United States with apparel worth $18.24 in 2022, according to figures. Because of this, exporters from the nation received an average price of $3.71 per square meter.
On the other hand, Bangladesh sold the nation $9.74 billion worth of apparel in 2022. $3.10 was paid to Bangladeshi exporters for each square meter of clothing.
India, which was rated fourth, sent $5.68 billion worth of goods there and received $3.80 per square meter. Indonesia, the fifth-ranked supplier, sold goods worth $5.60 billion and received an average price of $4.05 per square meter, while Cambodia, which is in sixth place, exported goods worth $4.35 billion and received an average price of $3.20 per square meter.
Bangladeshi vendors offer significantly more affordable costs than their rivals in EU nations as well. The biggest provider to the market in this area is China, followed by Bangladesh, Turkey, India, Vietnam, and Cambodia, in that order. Bangladesh supplied the EU market with garments worth $22.89 billion last year. Eurostat statistics show that Bangladeshi exporters were paid $17.27 every kilogram of apparel they sent to the region's nations.
Turkey gave the EU clothing valued $19.82 billion last year. Contrarily, the cost was $25.39 per kg while Indian exporters provided clothing worth $4.86 billion at a cost of $23.27 per kg.
Vietnam supplied $4.57 billion worth of clothing, with exporters in this country paying $30.76 per kilogram. Exporters from Cambodia were paid $22.18 per kg.
The lack of variety in clothes and the export of relatively inexpensive apparel are two factors in why Bangladeshi exporters receive low pricing for their clothing. Bangladesh falls significantly behind other countries in this regard, despite a rising global demand for clothing made of synthetic or man-made fibers.
Although Bangladesh is the world's second-largest exporter of ready-made clothing, Mohammad Hatem, Executive President of BKMEA, stated, "It mostly sells relatively low-priced clothing. Industrial owners should diversify their investments to improve this scenario.
"At this time, both the demand for and the cost of garments made of synthetic fibers are rising on the global market. As a result, the manufacturers of ready-to-wear clothing and textiles must invest in the market for synthetic fibers, and to do so, government policy facilities are needed, he continued.
"Manmade fiber or fabric made of artificial fibers can be used to make expensive clothing products and earn high export prices," said Mohammad Ali Khokon, president of BTMA. Investment should be increased for this. which the government's endorsement of the policies is crucial.
However, things are now beginning to shift. since we have been performing value-added stuff. Right now, we export goods with added value like printed and embroidered jackets and suits.
We are still falling behind in terms of prices, according to Faruque Hassan, president of BGMEA. For a very long time, exporting have been our main priority. The state of affairs has improved a little and will get better in the upcoming years. Because we have begun producing value-added items, the price will rise annually. Comparative statistical study shows that we've improved.
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