Vietnam sold $29 billion worth of apparel to the world in 2020, while Bangladesh’s ready-made garment exports were valued at $28 billion, the World Trade Organisation’s (WTO) latest World Trade Statistical Review shows.
Bangladesh had been the world’s second-largest garment exporter since 2010, according to WTO rankings. Garment exports from both Vietnam and Bangladesh fell in 2020 due to Covid-19, but Bangladesh’s exports declined at a faster pace than Vietnam’s, the WTO report said. The Southeast Asian nation was a particular beneficiary of orders shifted from China at the very beginning of the pandemic.
China remains the world’s largest exporter of apparel with 31.6 percent of the global total, despite a 7 percent year-on-year drop in 2020 of the total value of its apparel exports, to $142 billion.
Source: The Business of Fashion