Vietnam surpassed Bangladesh to become the second largest clothing exporter globally in 2020, reports the Financial Express. As per the World Trade Statistical Review 2021, released by the World Trade Organization (WTO), Vietnam’s share in global ready-made garment (RMG) exports rose to 6.40 per cent in 2020 from 6.20 per cent in 2019.

At the same time, Bangladesh's share in global market of clothing exports dropped to 6.30 per cent in 2020 from 6.80 per cent in 2019. The WTO statistical review report also showed that Vietnam’s RMG exports declined by 7.0 per cent in the last year when Bangladesh faced 15 per cent decline mainly due to COVID-19.

The value of annual RMG exports from Bangladesh in the last year was estimated at $28 billion when it was $29 billion for Vietnam. China remained the top clothing exporter in the world and its share increased to 31.60 per cent in the last year from 30.80 per cent in 2019.