Bangladesh overtakes China in RMG export volume to EU market
For the first time, Bangladesh has beaten China in the volume of garments export to European Union (EU) market. However, the price of per kilogram Bangladeshi readymade garments (RMG) is USD 5.82 lower than that of China. This led to China’s RMG export surpassing that of Bangladesh by a margin of USD 726.
Compared to all other countries, Bangladesh has exported highest 1.33 billion kg equivalent of ready-made garments to EU market last year. China on the other hand has exported 1.31 billion kg of readymade garments.
While Bangladesh’s garments export has increased by 21.20 per cent in terms of volume compared to last year, China’s has increased only 11.86 per cent.
Citing Eurostat’s information, garment industry owners’ association, BGMEA said on Sunday that EU had imported readymade garments worth USD 100.31 billion from different countries last year. Compared to 2021, garments import in EU market has risen up by 20.97 per cent.
Though Bangladesh has advanced in the volume of readymade garments, it’s lagging behind China in financial terms. China has exported readymade garments worth USD 30.15 billion to EU last year while the country’s export has increased by 17 per cent.
Meanwhile, Bangladesh last year had exported USD 22.88 worth of readymade garments. This export figure is 35.69 per cent higher than that of 2021. After Bangladesh and China, Turkey has exported third highest USD 11.98 worth of readymade garments to EU market last year.
Apart from that India has exported readymade garments worth USD 8.48; Vietnam USD 4.57, Pakistan USD 3.94, Cambodia USD 3.81, Morocco USD 3.12, Sri Lanka USD 1.62 and Indonesia has exported readymade garments of USD 1.36.
Bangladesh exports readymade garments to EU market at the second lowest price. Last year, the price of readymade garments exported by Bangladesh was USD 17.27 per kg, which was USD 15.41 a year ago in 2021.
That means the price of readymade garments exported from Bangladesh has increased by almost 12 per cent last year. Pakistan last year has exported readymade garments at a lower price than that of Bangladesh. Average price of the readymade garments exported by them is about USD 14.5 per kg.
Yet, EU imported garments from different countries at an average price of USD 22.48 per kg last year. Vietnam exported garments at the highest rate of USD 30.75 per kg. The second and third highest in this case are respectively Indonesia and Morocco, who exported garments at USD 29.88 and USD 29.69 per kg respectively.
Apart from that, Sri Lanka exported per kg of readymade garments at average USD 28.54, Turkey at USD 25.39, India at 23.27, China at 23.03 and Cambodia exported at USD 22.18.