Vietnam surpasses Bangladesh to become the world's second largest garment exporter



       Bangladesh has carried out statistics on garment exports. From July 2019 to June 2020, Vietnam’s garment exports during this period reached 30 billion U.S. dollars, surpassing Bangladesh’s 3 billion U.S. dollars, and successfully ranked second in the world.


  Because the new crown epidemic in Vietnam has gradually stabilized and the factory has been less affected, it has made an effort in the first half of this year, surpassing Bangladesh. While the latter's clothing exports fell by 18.12%, Vietnam only fell by 3.09%. In addition, the signing of the EU-Vietnam Free Trade Agreement has a particularly positive impact on Vietnam. Textiles are Vietnam’s third largest export product, second only to smartphones and electronic products. Vietnam has taken advantage of the epidemic to improve its position in the apparel industry.


   Bangladesh and Vietnam have fierce competition in the clothing trade. The advantages of the two countries are relatively similar, both of which benefit from cheap labor and relatively good industrial facilities. At present, China is still the world's largest garment exporter. Data show that in 2018, the total global imports of textile and apparel products totaled US$691.9 billion, of which the top four suppliers were China (30.6%), Bangladesh (6.0%), Vietnam (5.6%), and India (4.8%).