Bangladesh is the second largest exporter of clothing after China to the world. The country’s global market share in clothing rose to 5.9 per cent in 2015; China’s share stood at 39.3 per cent; Vietnam is the third largest with 4.8 per cent share in 2015 from four per cent the previous year. India and Turkey jumped to 4.1 per cent and 3.4 per cent from 3.7 per cent and 3.5 per cent respectively. The global market size of readymade garment products is around $450 billion dollars.

Bangladesh needs over 13 per cent growth for achieving the $50 billion export target by 2020. In the last fiscal, Bangladesh earned $28 billion with over 10 per cent growth rate. A market share of about seven per cent within the next two years is possible as a result of additions to the country’s production capacity. The country has an enormous opportunity to enlarge its global market share as it has started producing higher- and medium-end products.

The fact that buyers are relocating their business from China is an advantage for Bangladesh. But to cash in on this shift, Bangladesh has to identify those relocating their businesses and build networks with them. Also non-traditional export markets are playing an important role in readymade garment exports.