Vietnam has knocked Bangladesh off second place in the international ranking of clothing exporters. While both countries saw their export figures decline due to the coronavirus crisis, the decline in Bangladesh was much steeper.
Pandemic hits Bangladesh hard
Last year, Vietnam exported 24.4 billion euros worth of clothing, writes FashionUnited. That is 6.4 per cent of global clothing exports. Bangladesh's share, the world's second-largest exporter of clothing since 2010, fell from 6.8 per cent in 2019 to 6.3 per cent in 2020. China is still, by far, the most important player in the industry with a 31.6 per cent market share, World Trade Organisation figures show.
In absolute amounts, both Vietnam and Bangladesh exported fewer garments due to the coronavirus crisis, but the impact in Bangladesh was much more prominent. Whether this is a structural shift in production remains uncertain: much will depend on how both countries recover after the pandemic.