While retaining its second position globally, Bangladesh had its share in global apparel trade grow by 2.23 per cent to 6.40 per cent in 2021, according to World Trade Organization (WTO) data published on Wednesday.
The country shipped $34 billion worth of garments last year.
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The share of Bangladesh in global apparel business was 6.26 per cent in 2020. World Trade Statistical Review 2022 showed that Bangladesh retained its second position worldwide after China.
China retained its top position grabbing a 32.8 per cent market share and exported apparel worth $176 billion, said the data.
Vietnam became the third largest garment exporter with a 5.8 per cent market share and exported garment items worth $31 billion.
Turkey became the fourth largest garment exporter grabbing a 3.5 per cent share and exported apparel worth about $19 billion last year.
The WTO statistics also showed that the annual export value of the top 10 exporters of clothing stood at $460 billion, a big jump from $378 billion in 2020. The value was recorded at $411.0 billion in 2019.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently organised the country's biggest-ever event in the apparel sector as it looks to raise the nation's share in the global apparel market to double-digit in three years and earn $100 billion by 2030.
The BGMEA plans to elevate the country's share in the global apparel business to 10 per cent by 2025 from the current 6.26 per cent.
Garment shipments clocked a 35.47 per cent year-on-year growth in fiscal year 2021-22, netting $42.61 billion. The BGMEA's roadmap is aimed at diversifying markets and products and decreasing risks, if any.
Due to a lack of market diversification, 73 per cent of Bangladesh's garment exports are limited to nine countries -- the US, Germany, the UK, Spain, France, Italy, the Netherlands, Canada and Belgium.
The BGMEA is also hoping for Asian markets to become major export destinations alongside the existing top three destinations, namely the European Union, the US, and Canada.
Asia's apparel market is projected to be worth $613.70 billion in 2022, with the market expected to annually grow by 5.35 per cent from 2022 to 2026, according to German market and consumer data provider Statista.
Faruque Hassan, president of the BGMEA, said the global market share of Bangladesh would increase significantly when the WTO reveals the data of 2022 as shipments were growing.
Bangladesh is becoming a major source of value-added garment items while international retailers and brands are coming up with a big volume of garment work orders, Hassan also said.
The unit prices also went up recently as the local manufacturers are supplying quality high-end value-added garment items, he said.
The future trend is good in all the traditional and emerging Asian markets, he said, adding that over the last three months the earning was a bit low but there was still growth.