Jannatul Ferdushy, Dhaka: Amid a sluggish global economy, Bangladeshi apparel fetched $32.92 billion in the first nine months of 2022 as against $29 billion that its closest peer Vietnam earned.
Meanwhile, Bangladesh’s consignments have been experiencing instability in the last three months as the country saw year-on-year negative growth.
However, exports of Vietnam in September 2022 fell 31.9 per cent month-on-month as per preliminary data released by Vietnam’s ministry of finance while Bangladesh lost only 7.52 percent, according to Export Promotion Bureau (EPB) data.
Industry insiders think Bangladesh had achieved a remarkable outmaster in producing apparel products due to its long-term and persistent popularity and warm public relations with the buyer communities.
“Bangladesh has been a dependable apparel sourcing country. We have adequate infrastructure and workforce to handle any size of work orders that is helping us survive in any adverse situation,” Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told Business Insider Bangladesh, on Monday.
Another trade leader said Bangladesh enjoys comparative advantage on the price front.
“We are the producers of fast fashion which is regular wear and cheap. A significant number of people can afford these amid stagflation but Vietnam produces high end products which beyond the patrons’ purchasing power amid economic downturn,” Muhammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BGMEA) said.
The average monthly export of Bangladesh is $3.6 billion while it is $3.2 billion for Vietnam.
It is worth citing here that during the first quarter of the new fiscal year (July to September), Bangladesh’s apparel fetched $10.27 billion.
“Bangladesh will see good times coming soon as China will increase sourcing from Bangladesh from next year. China wants to phase out its cheap RMG,” Khandakar Golam Moazzem, senior research fellow of the Centre for Policy Dialogue (CPD) said.
In 2021, Vietnam’s textile and garment exports aggregated $32.750 billion, registering a growth of 9.9 percent while Bangladesh earned $42.62 billion making 35.47 percent growth.
For 2022, Vietnam has set a target of $43 billion for its textiles, garments, and yarn exports, according to the Vietnam Textile and Apparel Association (VITAS). Bangladesh has projected a target of $50 billion for those products.
Therefore, the apparel industry needs the government policy support to diversify products and manufacture more highly demanding man made fibre fashion, say the industry insiders.
