Bangladesh remains the 2nd largest apparel exporter only behind China for some years now. And China seems to be losing more and more market share every year. Following the shift, countries like Bangladesh, India & Vietnam have been gaining China’s lost market share. The reasons may vary from shortage of skilled workforce in China to environmental and economic policies. However, Bangladesh seems to be the biggest winner in this shifting scenario by working with more and more global apparel retail giants such as H&M, ZARA, Walmart etc.
Here are 5 facts that show the change:
- The market share of Bangladesh, in the $503 billion global garment items is 5.1 percent, according to data from the International Trade Statistics of the World Bank in 2014.
- Bangladesh exported garment items worth $25.50 billion in 2014-15 fiscal
- The Swedish retail giant H&M tops the largest apparel buyer from Bangladesh with purchases over $3 billion a year. Other brands like ZARA & Walmart each comes close to 2nd in the list with around $2 billion in purchases annually.
- Last year, monthly apparel shipments rose by 14.56% year-on-year to USD 2.67 billion in December, by 14.74% to USD 2.22 billion in November, and by 18.40% to USD 1.79 billion, according to the Bangladesh Export Promotion Bureau.
- For the first time, exports to EU crossed the USD 15 billion mark in 2015. While US remains the largest market for Bangladesh’s apparel with a 21.27% share
After the industrials disasters in Tazreen Fashion and Rana Plaza, the entire industry faced a challenge like never before. However, with the precautions and actions taken on an national scale with international help; the trends show a bright future for Bangladesh’s apparel industry.