Holding a 7.4 per cent market share, Bangladesh has maintained its position as the world’s second-largest garment exporter, as per a report by the World Trade Organisation (WTO).

Titled, ‘World Trade Statistics 2023,’ the report, released on July 31, estimates, Bangladesh exported garmentsworth $38 billion in 2023.

The leading global garment exporter, China shipped $165 billion worth of apparel, which equates to a 31.6 per cent global market share. Vietnam ranks third with $31 billion in garment exports, capturing a 6 per cent market share. Turkey follows in fourth place with $19 billion in exports and a 3.6 per cent market share. Holding the fifth position, India exported $15 billion in garments, representing a 3 per cent market share.

Indonesia, with a 1.6 percent global market share, exported $8 billion worth of garments in 2023.

The global supply chain faced significant challenges last year due to several factors, including the lingering effects of COVID-19, the Russia-Ukraine war, inflationary pressures on Western consumers, labor unrest demanding wage increases for garment workers, the Red Sea crisis, and rising freight charges.