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Vietnam overtakes Bangladesh to become the second largest clothing exporter globally in 2020

03/08/2021 05:37 PM

The World Trade Statistical Review 2021, released by the World Trade Organization (WTO) showed that Vietnam - by maintaining a persistent growth in recent years, overtakes Bangladesh to become the second largest clothing exporter globally in 2020. China continues to retain global dominance, with exports of US$142 billion in 2020, or 31.6 percent of the global market—up from 30.8 percent in 2019. Behind China, exports of Vietnam in 2020 were estimated at US$29 billion, accounting for 6.4 percent of the global market, up from 6.2 percent in 2019. Bangladesh, meanwhile, tallied US$28 billion last year, with a 6.3 percent share of the global market, compared to 6.8 in 2019.

WTO statistical review report also showed that exports of Vietnam declined by 7.0 percent in the last year when Bangladesh faced 15 percent decline. 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.





















As Vietnam became the third largest exporter of clothing after China and the EU, according to the WTO publication, Bangladesh ranked the fourth.

If EU’s combined export figure were disaggregated according to the country-wise data, Vietnam and Bangladesh would be the second and third largest global exporter respectively.

India also slipped to the sixth position as Turkey overtook this South-Asian country becoming the fifth largest clothing exporters globally. Exports from India declined by 25 per cent in 2020.

Vitas's Trade Promotion Department synthesized from World Trade Statistical Review 2021

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