Tuesday, February 27, 2024

First Time Ever Bangladesh Beats China in Readymade Garment Export, Touches $9 Billion

Bangladesh’s ascent to the pinnacle of knitwear exports to the European Union (EU), surpassing China during January-September 2023, is underpinned by strategic factors. A key catalyst is the Everything But Arms (EBA) scheme, providing duty advantages that bolster the competitiveness of Bangladeshi exports. This preferential treatment has propelled the EU’s knitwear imports from Bangladesh to $9 billion, eclipsing China’s $8.9 billion.

Strategic investments in high-value-added items, particularly activewear, have further fueled Bangladesh’s success. Diversifying product offerings and focusing on quality contribute to the country’s appeal in the global market. The EU imported a substantial 571 million kilograms of knitwear from Bangladesh, surpassing China’s 442 million kilograms.

Bangladesh’s robust performance extends beyond knitwear, as it leads in denim sourcing for both the EU and the US. Additionally, the nation holds a prominent position in supplying cotton apparel to the US market. This multifaceted success underscores Bangladesh’s growing influence in the global textile industry, driven by a combination of trade-friendly initiatives and strategic business decisions.

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