Bangladesh’s apparel trade share increased in 2021. This is clearly a positive note for Bangladesh’s textile and apparel industry. As the industry is bouncing back with high-hopes despite multifaceted global challenges apparel entrepreneurs have upgraded the technology and product quality as well as capacity. Thus, despite Covid and the Russia-Ukraine conflict brands and buyers keep on placing orders with the readymade garment industry.

Bangladesh wants to elevate its share in the global apparel business to ten per cent by 2025 from the current six per cent. The industry is focusing on diversifying markets and apparel products to swell its growth. In July to November of fiscal year 2022-2023, Bangladesh’s apparel exports to non-traditional markets grew by 24 percent.

Bangladesh is the second-largest exporter of clothing after China. The country is gaining from its favorable sourcing destination with its high reputation in transparency and circularity i.e. sustainable factories, comparatively low labor cost, smooth supply chain while globally leading fashion retailers are trying to down their apparel sourcing from China. Despite China’s strong performance in 2021, China accounted for only 23 per cent of US apparel imports in 2022, much lower than 36 per cent in 2015. Similarly, China’s market shares in the EU, Japanese, and Canadian garment import markets also fell over the same period.