Bangladesh has retained its position as the world鈥檚 second largest readymade garment exporter in global RMG trade in 2024, according to the latest data published by the World Trade Organisation on Tuesday.
In the report titled World Trade Statistics: Key Insights and Trends in 2024, Bangladesh鈥檚 RMG exports were $38.48 billion, a slight 0.21 per cent higher than $38.40 billion in 2023.
However, Bangladesh鈥檚 global share in RMG exports again witnessed a decline to 6.9 per cent in 2024, which was 7.38 per cent in 2023, 7.87 per cent 2022, and 6.37 per cent in 2021, said the WTO report compiled by Bangladesh Apparel Exchange.
According to the Export Promotion Bureau data, the export earnings were also $38.48 billion in 2024, as the state agency provided data by reflecting real-time shipment updates as per Asycuda World and the National Board of Revenue, meaning there was no data discrepancy.
Among the major RMG exporters, China remains the largest exporter of the RMG products in the global market with a 29.64 per cent market share and the country exported RMG goods worth $165.24 billion in 2024.
Vietnam, Bangladesh鈥檚 arch rival in RMG export, secured third position with a market share of 6.09 per cent and exported apparel items worth $33.94 billion in 2024.
In 2024, Turkiye exported apparel items worth $17.91 billion and secured the 4th position with a market share of 3.21 per cent where India obtained 5th position with a market share of 2.94 per cent and exported apparel items worth $16.36 billion, said WTO data.
Among the major importers of the RMG goods, the European Union remained at the top with 34.3 per cent of global share, imported apparel goods worth $211 billion, where the United States was second, with 15 per cent of share and imported $92 billion in 2024.
Japan imported clothing worth $25 billion in 2024, with a global share of 4 per cent, where the UK imported $21 billion (3.4 per cent share) and South Korea imported $13 billion with a 2.1 per cent global share.
Regarding the merchandise trade, the WTO report said that in 2024, world trade in goods and commercial services, on a balance of payments basis, expanded by 4 per cent to $31.5 trillion, following a 2 per cent decline in 2023.
Trade in goods rose by 2 per cent while services continued to grow strongly, up by 9 per cent and mirroring growth in 2023.
The share of services in global trade increased to 26.4 per cent, its highest share since 2005.