Bangladesh has emerged as the top exporter of knitwear to the European Union (EU), surpassing China in January-September 2023. The Everything But Arms (EBA) scheme, offering duty advantages, plays a pivotal role in enhancing the competitiveness of Bangladeshi exports. This preferential treatment has propelled EU knitwear imports from Bangladesh to $9 billion, surpassing China’s $8.9 billion.
The success is further fueled by strategic investments in high-value-added items, especially activewear, showcasing Bangladesh’s commitment to diversifying product offerings and maintaining high quality. With the EU importing 571 million kilograms of knitwear from Bangladesh, exceeding China’s 442 million kilograms, the country’s appeal in the global market is evident.
Bangladesh’s robust performance extends beyond knitwear, leading in denim sourcing for both the EU and the US. Additionally, the nation holds a significant position in supplying cotton apparel to the US market. This multifaceted success highlights Bangladesh’s growing influence in the global textile industry, driven by trade-friendly initiatives and strategic business decisions.