Bangladesh has outperformed China as the top exporter of knitwear to the European Union (EU), both by dollar value and volume, from January to September this year. Knitwear exports, as reported by the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), mark a significant stride in the country’s textile sector.
The surge in Bangladesh’s EU knitwear market presence stems from recent investments in higher value-added products, especially active wear. BGMEA president Faruque Hassan highlights this strategic shift towards non-cotton-based athleisure items, suggesting that Bangladesh is poised to set new benchmarks in various product categories in the coming years.
Hassan underscores the industry’s dedication to responsible and sustainable manufacturing, elevating the quality and global appeal of Bangladeshi knitwear and establishing the country as a leader in ethical production practices.
EU knitwear imports from Bangladesh reached $9 billion during the nine months, edging out China’s $8.96 billion. This achievement signifies Bangladesh’s first lead over China in terms of clothing import volume to the EU.
Bangladesh’s textile industry has also made significant inroads into the US market. The country became the leading supplier of Denim to the USA in 2020, surpassing Mexico. For the first half of 2023, it led as the primary source for ‘cotton apparel’ in the USA. However, Vietnam’s resurgence in exports to the USA since July resulted in Bangladesh marginally trailing Vietnam in this category from January to October 2023.
Despite these advancements, challenges persist. According to the US Office of Textiles and Apparel, Bangladesh’s apparel exports to the United States fell by 23.33 percent to $5.78 billion last year.
With a 14.55-percent stake in the $47.5-billion US cotton apparel market in 2022, Bangladesh’s textile industry demonstrates growth and resilience. Its focus on high-value products, sustainable practices, and market diversification suggests a bright future in the global apparel arena.
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