New WTO data shows $9b mismatch in Bangladesh's 2023 clothing export figures
However, this figure is nearly $9 billion less than the $47.4 billion reported by the EPB
The World Trade Organization (WTO) in its latest data has unveiled that Bangladesh's export figure is nearly $9 billion less in 2023 than what the country's Export Promotion Bureau reported.
According to the new data released on Thursday (1 August) through the WTO's interactive tool "World Trade Statistics 2023 – Key Insights and Trends", Bangladesh exported $38.4 billion worth of clothing in 2023, making up 7.4% of the global market.
However, this figure is nearly $9 billion less than the $47.4 billion reported by the EPB.
Earlier in May, the country found itself at the centre of a numerical conundrum after the Bangladesh Bank also found discrepancies in the country's export figures – revealing a $10 billion gap over the last nine months of FY24 based on revised numbers from the National Board of Revenue (NBR).
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In response to the discrepancies, the EPB has paused the release of export data for three months starting this July to address the inconsistencies.
But, despite facing headwinds in the global markets and grappling with rising production costs due to price hikes of raw materials and energy, Bangladesh remains the world's second-largest clothing exporter after China.
The country's market share has grown from 2.5% in 2005 and 4.2% in 2010 to 7.4% in 2023.
China, while still the largest clothing exporter, saw its share of global exports decline from 36.6% in 2010 to 31.6% in 2023, with exports totaling $165 billion.
In 2023, Vietnam, the third-largest apparel-exporting country, exported $31 billion worth of clothing, reflecting a market share increase to 6.0% from its 2.9% share in 2010.
According to the WTO data, Bangladesh exported apparel worth around $7 billion more than Vietnam in 2023, while in 2018, both countries exported the same amount of clothing – around $32 billion.
Later, in 2020, Bangladesh was pushed back to the third position by Vietnam, however, Bangladesh again secured the second position in the global clothing export market in 2021.
Türkiye became the fourth largest clothing exporting country grabbing a 3.6% global share and exported apparel worth about $19 billion in 2023. It is followed by India, with a 3.0% market share and exported garment items worth $15 billion.
However, the WTO digital data platform also showed that Bangladesh fell to the 55th rank among the largest merchandise exporters in 2023, falling from 49th in 2022.
