Bangladesh has been ranked as the top source of knitwear, one of the two major for the European Union (EU) markets for the first time.
The robust performance can be attributed, in part, to strategic investments in higher value-added items, particularly in the active-wear segment.
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Recent data from the European Union's statistics agency, Eurostat, showed that Bangladesh has secured its position as the leading source of knitwear for the EU during the period of January to September 2023, said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), according to a press release.
Bangladesh’s knitwear imports to the EU surpassed those of any other country, both in terms of dollar value and weight, he said.
Over the nine-month span, the EU imported knitwear, which is one of the two major components of the worth a staggering US$ 9 billion from Bangladesh, outpacing the imports from China, which stood at US$ 8.96 billion. Additionally, in terms of weight, Bangladesh exported 571 million kilogramme (KG) of knitwear to the EU, compared to China's 442 million KG. This significant achievement underscores Bangladesh's dominance in the European knitwear market, said the BGMEA president.
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The country's duty-free, quota-free access to the EU for most products, under the Everything But Arms scheme, has undoubtedly contributed to the country's competitive edge in the European market.
Despite the impressive volume and weight figures, it is worth noting that in terms of overall clothing imports, China still holds the lead, with the EU importing 1.33 billion kilograms of clothing from Bangladesh and 1.31 billion kilograms from China in 2022, said Faruque.
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Bangladesh's success extends beyond knitwear, as it also stands out in other apparel categories. Notably, Bangladesh has been the global leader in EU denim sourcing since 2014, followed by Turkey and Pakistan. In 2020, Bangladesh topped the list of sourcing countries for denim in the USA, surpassing Mexico by a significant margin, the release also said.
While the nation briefly lost its top spot in cotton apparel exports to the USA to Vietnam in the second half of 2023, Bangladesh remains a formidable player, securing a 14.55% share of the US cotton apparel market valued at US$ 47.50 billion in 2022. Industry insiders are optimistic that Bangladesh will reclaim its position in the cotton apparel category in the US market by the end of the next year.
The success in the EU knitwear market and other apparel categories solidify Bangladesh's standing as a major player in the global textile industry, with strategic investments and favorable trade schemes propelling the nation to new heights in the competitive international marketplace, added the BGMEA president in his statement circulated in the press.