Over the past 45 years, Bangladesh has become the second-largest exporter of apparel in the world, due to the EU….reports Asian Lite News
The rise of apparel shipments from Bangladesh to the European Union (EU) has not only surpassed that of China but also all other significant suppliers across the globe, Dailystar reported referring to data from Eurostat.
During the period of January through August, Bangladesh’s exports of apparel to the EU increased by 45.26 per cent on a yearly basis to around USD 15.37 billion, while the trading bloc brought in USD 67.18 billion worth of clothing from all over the world. Bangladesh continues to be the EU’s second-largest source of garment imports, accounting for over 23 per cent of all imports, the data stated. Notably, China accounts for 28 per cent of the EU’s apparel imports, and sent USD 18.85 billion worth of clothing to the trading bloc over the same time period, representing a growth of 26.59 per cent compared to the previous year. Turkey, the third-largest destination in the EU for garment sourcing, had a growth of about 20 per cent from the same time last year. Similar to this, shipments from India increased year over year by 28.85 per cent to USD 3.56 billion, Dailystar reported.
Other sourcing nations with significant increases in clothing exports to the EU include Cambodia (42.21pc), Pakistan (31.34 pc), and Indonesia (35.41pc).
Over the past 45 years, Bangladesh has become the second-largest exporter of apparel in the world, due to the EU.
Bangladesh began benefiting from trade advantages under the EU’s Everything but Arms initiative shortly after obtaining independence in 1971, and this eventually helped the nation rise to its current position, according to Dailystar. (ANI)