In a groundbreaking achievement, Bangladesh has become the leading exporter of knitwear to the European Union, surpassing China in both dollar value and volume from January to September this year. The Bangladesh Garments Manufacturers and Exporters Association (BGMEA) attributes this success to strategic investments, particularly in high-value items like active-wear.
BGMEA President, Faruque Hassan, highlights the transformative impact of Bangladesh’s focus on higher value-added items, especially in the non-cotton-based athleisure sector. Envisioning continued success, he emphasizes the industry’s commitment to responsible and sustainable manufacturing, setting a global example.
During the nine-month period, Bangladesh’s knitwear exports to the EU reached $9 billion, outperforming China’s $8.96 billion. This marks a pivotal moment as Bangladesh surpassed China in both value and volume of EU knitwear imports.
Hassan notes, «Our achievements extend beyond the EU. In 2020, we topped the USA’s sourcing list for Denim, surpassing even Mexico. Although we briefly fell behind Vietnam in ‘cotton apparel’ from January to October 2023, our substantial share in the $47.5-billion US cotton apparel market in 2022 showcases our prominence.»
Despite challenges, such as a 23.33% YoY decline in apparel exports to the United States, Bangladesh maintained a 14.55% share in the US cotton apparel market in 2022. This resilience underscores the industry’s adaptability and long-term potential.
As Bangladesh continues to redefine its global standing in the textile industry, the BGMEA remains optimistic about future milestones and sustained growth in diverse product categories.
For more insights into Bangladesh’s textile dominance and evolving global market trends, stay tuned to BGMEA updates.
