DOT Desk: 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, reports TBS.
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.