As reported by the Exports Promotion Bureau of Bangladesh, ready-made garment exports stood at US$23bn for the July-December 2022-23 period versus $20bn in the July-December 2021-22 period.

Both knitwear and woven garments experienced export increases of 13.42% and 18.29% respectively.

Bangladesh is the second largest importer of apparel in the world after China, boasting over 3,500 garment factories whose goods are sold to 167 countries,

The ready-made garment sector accounts for 84% of total exports.

At the Made in Bangladesh Week in November, the Bangladesh Garment Manufacturers Exporters Association (BGMEA) revealed it is eyeing a 10% share of the global apparel market by 2025 and is aiming for an export target of US$100bn by 2030.

In 2021 its global market share stood at 6.26% according to the Trade Statistical Review 2021.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Bangladesh is one of the main winners of a sourcing diversification shift from China.

According to  Dr Sheng Lu, professor of apparel and fashion studies at the University of Delaware “China was a critical factor behind US fashion companies’ shifting sourcing patterns. In particular, due to the rising US-China trade tensions and concerns about other supply chain risks associated with sourcing from the country, US fashion companies continued to reduce “China exposure.” 

He also explained China suffered a decline in its market shares for as many as 165 categories (or 76%) between 2019 and 2022 (January to September). Moreover, it lost more than five percentage points of its market shares for 107 categories of products (or nearly 50%).”

Bangladesh is now looking to overtake China as the world’s largest supplier of apparel.

Click here for Just Style’s part 1 and part 2 coverage of the event.

Just Style Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Style Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving apparel and textile industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now