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Bangladesh is poised to become the source of most of the European Union's (EU) apparel as China, the largest apparel supplier worldwide, is witnessing a decrease in its share of trade with the bloc. The penetration of Bangladeshi garment items has been growing with rising demand for basic and value-added garments.
Bangladesh's export sector showed its prowess in 2022 despite the devastating Russia-Ukraine war, unprecedented freight costs, energy crisis, record inflation and a risk of a recession that loomed throughout the outgoing year.
Apparel exports from Bangladesh will cross $95 billion by 2030 if the country can expand its share in the global market for manmade fibre (MMF) to 12 per cent from less than 5 per cent at present, according to a recent study.
Bangladesh is poised to overtake China in garment exports to Europe, the world's largest market, anytime in the near future for work orders shifting its way and its price competitiveness.