Bangladesh overtakes Vietnam in RMG export...

Dhaka, Friday   23 April 2021

Bangladesh overtakes Vietnam in RMG export

 Staff Correspondent daily-bangladesh.com

 Published: 04:15 PM, 1 March 2021   Updated: 05:51 PM, 1 March 2021

Bangladesh overtakes Vietnam in RMG export

Bangladesh overtakes Vietnam in RMG export

Bangladesh has surpassed Vietnam in the ready-made garment (RMG) sector amid the global corona situation, said a report of the International Trade Center (ITC), a body of the United Nations and the World Trade Organization.

According to the ITC report, in the 12 months from January to December 2020, the Southeast Asian nation Vietnamese apparels earned $27.57 billion. At the same time, Bangladesh has earned 29.23 billion dollars. Which is $1.66 more than that of Vietnam. 

However, from July 2019 to May 2020, in these 11 months, the Southeast Asian country fetched $2.55 billion more than that of Bangladesh. During that time, Bangladesh's earned $25.61 billion whereas Vietnam raked $28.26 billion.

In this regard, Mohammad Nasir, former vice-president of BGMEA, a top organization of readymade garments manufacturers and exporters, said the government's incentives during the Corona era have played a big role in turning the sector around. But more policy and financial support are needed to move forward with the second wave of coronavirus.

According to BGMEA, in the first five months of 2020 (January to May), Bangladesh exported garments worth $9.6849 billion to the world market. At the same time, Vietnam exported $10.5091 billion. In other words, in the first five months of last year, Vietnam exported garments worth $0.82 billion more than Bangladesh. Although Bangladesh exported more garments than Vietnam in January and February, Vietnam went ahead from March. In January and February, Bangladesh exported 1.12 billion more ready-made garments than Vietnam.

In March, Bangladesh exported garments worth $226 million whereas Vietnam exported $234 million. In April, Bangladesh exported $37 million, while Vietnam exported $161 million. In May, Bangladesh exported garments worth $123 million whereas Vietnam exports $186 million.

According to the World Trade Organization (WTO), Bangladesh's share in garment exports to the world market is 6.8 percent whereas Vietnam's share is 6.2 percent. China is leading with 30.8 percent share.

DailyBangladesh/SA