According to the World Trade Statistical Review 2020, published by the World Trade Organization (WTO), Bangladesh’s share in global apparel exports increased by 0.4 percentage point to 6.8 per cent in 2019 after a slight fall in the previous year. The country performed better than previous year due to opportunity presented by the US-China trade war. The fall in global market also boosted its market share, says Faruque Hassan, Former Vice President, BGMEA.
Economists also think China shifting helped Bangladesh to gain more in the export market. The country currently holds a 7 per cent share in the global apparel market and continues to grow. It helps the country to reduce the gap with China, the largest exporters of clothing goods, affirms Khondaker Golam Moazzem, Research Director, Centre for Policy Dialogue (CPD).
However, Bangladesh’s success in retaining its market share will depend on how much the country can benefit from the China relocation. Moazzem suggests focusing on producing products, which are being produced by China that are currently withdrawn by manufacturers due to relocation of investment.
Manufacturers have demanded policy support to retain the market share as the COVID pandemic has hit the sector badly. If the government continues provides financial support as working capital and in other forms, the industry will be able to retain the growth momentum, adds Abdus Salam Murshedy, President, Exporters Association of Bangladesh (EAB).