04 August 2023, Mumbai
Bangladesh retained its position as the world's second-largest apparel exporter in 2022, with its share in the global apparel market climbing to 7.87% from 6.37% in 2021.
Consistency
This is the first time that Bangladesh's share in the global apparel market has crossed the 7% mark.
The growth of Bangladesh's apparel export was driven by a number of factors, including the country's competitive wages, strong infrastructure, and political stability.
The government of Bangladesh also played a key role in supporting the growth of the apparel industry, providing tax breaks and other incentives to garment manufacturers.
Navigating
In 2023, the growth of Bangladesh's apparel export is expected to slow down due to a number of factors, including the global economic slowdown and the rising cost of raw materials. However, Bangladesh is still well-positioned to remain a major player in the global apparel market.
The country has a large and skilled workforce, and it is making investments in new technologies and sustainable manufacturing practices.
Share in the global apparel market climbs
CREDITS: BGMEA Press Release.