In its annual release of global apparel trade data for 2022, the World Trade Organization (WTO) reports that Bangladesh has maintained its status as the world's second-largest exporter of clothing, following China. 

Bangladesh's presence in the international apparel market has surged to 7.87% in 2022, a remarkable rise from the 6.37% recorded in 2021. Throughout 2022, Bangladesh's clothing exports exhibited a significant 32.60% year-on-year increase, reaching a value of $45.35 billion, up from $34.20 billion. 

Similarly, China experienced a modest 3.60% annual growth in apparel exports, with figures climbing to $182.42 billion from the previous year's $176.08 billion. Nevertheless, China's market share saw a slight dip, sliding to 31.67% in 2022 from 32.79% in 2021. 

Bangladesh is now setting its sights on capturing a 12% share of the global apparel market by 2030. Impressively, the nation has already surpassed China in volume within the European Union and is anticipated to outpace China in terms of dollar value by year-end. The driving forces behind Bangladesh's burgeoning apparel export industry encompass a range of factors, including its competitive labor costs, adept workforce, and robust infrastructure. 

Notably, Bangladesh has made significant strides in sustainability, rendering it an alluring hub for international brands and retailers. However, projections for 2023 foresee a deceleration in global apparel trade due to economic deceleration and geopolitical tensions, particularly the conflict in Ukraine. 

Bangladesh confronts challenges such as escalating inflation and shipping expenses. Despite these obstacles, Bangladesh is favorably positioned to sustain its apparel export expansion in the forthcoming years.