Bangladesh’s share in EU apparel market jumps to 22.20%

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, totaling $30.22 billion.

Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), expressed his satisfaction with the rise in apparel exports to Europe. “Europe is one of the significant apparel importers in the world as well as for Bangladesh,” he said. 

He also highlighted that over the past five years, the value of the EU’s apparel imports from Bangladesh has demonstrated a Compound Annual Growth Rate (CAGR) of 9.42%. This growth outpaced the EU’s average annual apparel imports growth rate of 4.31% from the rest of the world.

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.

Faruque Hassan said Bangladesh has secured the top position in terms of quantity, surpassing China for the first time in the EU market.

Looking ahead, the BGMEA president has high hopes for Bangladesh’s position in the EU apparel market. He foresees Bangladesh becoming the leading apparel-sourcing country for the EU in terms of value by the end of 2023.

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.

The BGMEA president said, “In recent years, Bangladesh has made significant progress in product diversification, particularly, our manufacturers have made a considerable investment in the backward linkage industry and high-end sophisticated items.”

“We are also working for mid and upper-mid-priced brands in Europe and exporting high-valued items these days which is reflected in our unit price surge in recent years”, he added.

Bangladesh has also achieved notable market diversification, he maintained.

Among the 27 countries in the EU region, there has been a substantial increase in imports from Bangladesh in the last five years by Hungary, Cyprus, Malta, Slovenia, Poland, and Denmark, as reported by the BGMEA President.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top