Beating its competitors in the US market, became the largest denim exporter to the country in 2020.
As per Textile Today, Bangladesh is also the number one denim products supplier to the European Union, which imported over 65 per cent of the clothing products of Bangladesh.
According to the US Office of Textiles and Apparel (OTEXA), Bangladesh’s earning from its denim exports to the US declined by 4 per cent ito $561 million in 2020 from $585 million in 2019.
However, Bangladesh’s market share in US denim products rose to 20.03 per cent in 2020 taking the first position from Mexico. Mexico holds the second position with a 16.74 per cent market share followed by China 11.85 per cent.In the last five years, Bangladesh recorded a 7.18 percentage point gain to 20.03 per cent from 12.85 per cent in 2016.
The country holds a 29 per cent market share of total EU denim markets as of 2020. According to statistics from the Directorate-General of the European Commission, Eurostat, Bangladesh has earned over €1 billion from exporting denim products to EU countries during the January-December period of 2020, which was €1.27 billion in the previous year.
A strong backward linkage industry especially in fabrics manufacturing and washing helped Bangladesh to become a leading exporter of denim products. Exporters also invested a lot in research and innovation, product development and technological upgradation, which paved their way to growth.
Branding of Bangladeshi denim products through expositions also helped the country attract the attention of global buyers.