Bangladesh surpassed Vietnam in garment exports
The world economy has gone through a rough patch of coronavirus last year_ when plans to turn around were tightened. At that time_ Made in Bangladesh left Vietnam behind in the garment export market.
According to the latest data from the International Trade Center (ITC)_ a member of the United Nations and the World Trade Organization_ in the 12 months from January to December 2020_ the Southeast Asian nation of Vietnam exported 26.56 billion of garments product and Bangladesh exported 29.23 billion. Bangladesh has earned USD 1.6 billion more than Vietnam by exporting garments. But in the 11 months from July 2019 to May 2020_ Vietnam's income was 2.55 billion dollars more than Bangladesh's. At that time_ Bangladesh's export income from readymade garments was USD 25.61bn and Vietnam's was USD 26.27bn.
Bangladesh's Manufacturers and exporters of ready-made garments say the government's incentives during the Corona era have played a big role in turning the sector around.
The president of the BGMEA_ Rubana Haque said_ Vietnam has been a strong opponent of Bangladesh in the garment export market for several years. Their bilateral trade strategy is also better than Bangladesh. In particular_ Europe has recently signed a free trade agreement with Vietnam to take advantage of the market. Where Bangladesh has no such initiative. Vietnam exports garments worth 4 billion to the European market and Bangladesh exports about 20 billion. Therefore_ if the GSP facility available in this market as a least developed country is canceled_ Bangladesh will have to fall into big arrears.
Highlighting various aspects of trade between the two countries. Rubana Haque said_ Vietnam is also ahead of Bangladesh in terms of trade facilitation index. Vietnam's exports are also higher_ which means that the country is far ahead of Bangladesh in producing a variety of products. Again_ the price of their clothes is almost double that of Bangladeshi clothes. In other words_ it is far ahead of Bangladesh in making high value garments.
Talking about such concerns_ she said that the production capacity of Bangladesh and the number of factories are high. The labor market of Bangladesh is also relatively cheap. Therefore_ he urged the government to work with the businessmen to use all their strengths by taking into account the obstacles.
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