As a end result, Bangladesh’s share in international garment exports slipped to six.3 per cent last yr from six.8 per cent a yr before. On the other hand, Vietnam’s share improved to six.4 per cent in 2020 from six.two per cent in 2019.
However garment shipments from equally nations declined last yr because of to the pandemic, Bangladesh’s tumble was faster than Vietnam’s.
China still was the biggest exporter of apparel last yr irrespective of a 7 per cent yr-on-yr drop to $142 billion, or 31.six of the international overall.
“Trade started to recuperate as of mid-2020, but the outcomes of COVID-19 have various substantially throughout nations around the world and locations. In quantity phrases, which strip out the outcomes of fluctuating prices, Asia’s goods trade was down by only .five per cent in 2020, when compared to the international decline of five.3 per cent,” WTO director standard Ngozi Okonjo-Iweala claimed in the report.
As importers started diverting orders from China at the onset of the pandemic early last yr, the Southeast Asian nation rapidly grabbed the chance with robust command on the outbreak in the nation.
Bangladesh overtook Turkey as the second biggest apparel exporter in 2010 with 4.two per cent contribution to international garment exports. India was fourth on the listing at that time with 3.nine per cent share of the marketplace though Vietnam had two.nine per cent.
Fibre2Fashion News Desk (DS)
Bangladesh just lately lost its rank as the second biggest apparel exporter to Vietnam, according to the most up-to-date info introduced by the Planet Trade Organisation (WTO). Vietnam offered $29 billion really worth of apparel goods to the globe in 2020, though Bangladesh’s garment exports were being valued at $28 billion, the Planet Trade Statistical Review discovered.