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2023 won’t fare well for apparel
FROM PAGE B1
second-largest clothing exporting country after China and the country’s share rose to 7.87 percent (as per the BGMEA whereas the WTO puts it at 7.9 percent) in 2022 from 6.37 percent (WTO 6.40 percent) in 2021.
Since 2016 Bangladesh has been maintaining a share of over 6 percent in the world apparel market and for the first time the share crossed the 7 percent mark last year.
During 2022, Bangladesh’s apparel export to the world increased by 32.60 percent year-over-year to $45.35 billion from $34.20 billion, said Hassan.
Meanwhile, China’s apparel export to the world grew by 3.60 percent year-over-year to $182.42 billion from $176.08 billion. However, China’s share in the global trade fell to 31.67 percent in 2022 from 32.79 percent in 2021.
Vietnam ranked as the third largest exporter in the global apparel market with a 6.12 percent share followed by Turkey with a 3.46 percent share.
In 2022, Vietnam’s apparel export to the world grew by 13.05 percent to $35.27 billion from $31.20 billion in 2021.
Turkey’s clothing export to the world also reached $19.91 billion in 2022 from $18.73 billion in 2021, meaning a 6.27 percent growth.
In 2022, the difference in the market share occupied by Bangladesh and Vietnam has widened, said Hassan.
Europe is one of the significant apparel importers in the world as well as for Bangladesh, he said.
During the past five years, the value of the EU’s apparel import from Bangladesh has grown by 9.42 percent, whereas their import from the world has shown an average annual growth of 4.31 percent.
In 2022, the EU’s apparel imports from the world grew by 20.97 percent year-on-year. The EU’s apparel imports from the world reached $103.09 billion in 2022 from $85.23 billion in 2021, which was $90.53 billion in 2018.
As per the data, the EU imported $22.89 billion worth of apparel from Bangladesh in 2022 which was $16.87 billion in 2021 and $16.44 billion in 2018.
With a 22.20 percent share in value terms, Bangladesh remains the second largest apparel import source for the EU after China.
In terms of quantity (measured in kilogrammes), the EU’s clothing import from Bangladesh also increased by 21.20 percent year-on-year to $1.32 billion in 2022 from $1.09 billion in 2021.
China, being the top apparel import source for the EU and having a 29.24 percent share, registered a 17.01 percent year-on-year growth in 2022.
The EU’s imports from China reached $30.14 billion in 2022 from $25.76 billion in 2021, which was $27.20 billion in 2018.
However, in terms of quantity, Bangladesh’s share (28.90 percent) has crossed the share of China (28.46 percent) in 2022 and gained the top position for the very first time in the EU.
“In value terms we also hope to be the top apparel sourcing country for the EU by the end of 2023,” he said.
Value-wise in 2018 the share of Bangladesh in EU’s total apparel import was 18.16 percent, which climbed to 22.20 percent in 2022. In contrast, China’s share has declined to 29.24 percent in 2022 from 30.15 percent in 2018.
With a 11.62 percent share, Turkey ranked as the third largest apparel import source for the EU which posted a 10.09 percent year-on-year growth in 2022.
The EU imported $11.98 billion worth of clothing from Turkey in 2022 which was $10.89 billion in 2021 and $9.92 billion in 2018.
In 2022, the EU’s cumulative unit price of import from Bangladesh increased by 11.95 percent year-on-year to $17.27 from $15.42.
Therefore, both value and quantity-wise EU’s import from Bangladesh saw 35.69 percent and 21.20 percent growths respectively leading this per unit price surge in 2022. It also proves that value addition is happening in Bangladesh.
China is slowly but gradually losing its global share, which is being gained by a few countries, including Bangladesh, Hassan said.
“We need to continue our efforts in enhancing efficiency, product development capability and invest in reducing carbon emission,” he said, adding that it was not overoptimistic to hope for reaching 12 percent of the global apparel market share by 2030.