Bangladesh has overtaken China to become the top readymade garment (RMG) exporter, in terms of volume, to European Union (EU) market for the first time.
However, per kilogramme export value of Bangladeshi RMG products is $5.82 lower than that of China.
In 2022, Bangladesh exported 1.33 billion kilogrammes of RMG products to the EU market. Retailers in the EU countries purchased the highest amount of RMG products from Bangladesh in that year, a local newspaper said citing data from Eurostat, the statistics department of the EU.
On the other hand, China exported products worth 1.31 billion kilogrammes to the market.
The volume of Bangladeshi RMG items shipped to the EU market increased by 21.20 per cent last year, compared to 2021. China exported an 11.86 per cent higher amount of RMG items in 2022 compared to that of the previous year.
In terms of export value, Bangladesh remains in the second position as RMG exporter to the EU market. China exported RMG items worth $30.15 billion and Bangladesh exported products worth $22.89 billion in 2022.
Bangladesh’s apparel exports to the European Union (EU) have surged, capturing a 22.20% share of the market in 2022. In contrast, the market share of the country’s top competitor, China, declined to 29.24%, according to the latest data from Eurostat – the statistical agency of the European Commission.
Bangladesh, the second-largest apparel exporter to the EU, exported $22.89 billion worth of apparel to the market last year, showcasing a remarkable 35.69% year-on-year growth. Meanwhile, China’s exports stood at $30.15 billion, with a growth rate of 17.01%.
In 2021, Bangladesh’s market share accounted for 19.80%, valued at $16.87 billion, while China dominated with a 30.22% share, totalling $30.22 billion.
The latest data reveals that the EU’s overall apparel imports from all countries reached a staggering $103.09 billion in 2022, marking an impressive 20.97% year-on-year increase compared to $85.23 billion in the previous year.
In terms of quantity, the EU’s clothing imports from Bangladesh surged by 21.20% year-on-year, surpassing China’s 17.01% year-on-year growth in 2022.
Among other apparel exporters to the EU market, Turkey ranks as the third-largest supplier, holding an 11.62% share and achieving a 10.09% year-on-year growth in 2022.
On the other hand, the EU’s imports from India reached $4.87 billion in 2022, up from $4.01 billion in 2021. Additionally, the EU’s imports from Vietnam also saw a significant increase of 35.28% year-over-year, reaching $4.57 billion in 2022 compared to $3.37 billion in 2021.
