Experts concluded that Bangladesh’s apparel export will cross the $100-billion target by 2030, considering the potentials of the markets in Europe, the UK, and the USA amid declining share of Chinese garments.
The global apparel market size will be around $1135 billion in 2030. During this period Bangladeshi apparel exporters expect to get at least 10 per cent or $100 billion of the global market share, reports UNB.
The current global apparel market volume is around $560 billion, where Bangladesh’s export share was $43 billion in FY 2021-22, up by 36 per cent year-on-year (July to June).The apparel export saw a good start in FY 2022-23 with July-August earnings reaching $7.11 billion, posting 26 per cent growth compared to the same period of last fiscal year, said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
International trade expert Dr Mohammad Abdur Razzaque said that Europe and the USA are the potentially growing markets for Bangladesh’s apparel products.
Bangladesh has an additional export potential of $20 billion in the EU and the UK, he said adding that currently the country can utilise less than 60 per cent of its export potentials to these markets.
Bd-pratidin/Ishrar Tabassum
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