"Considering the average price of UK apparel imports, Bangladesh offers the lowest price compared to other competitors"
When quantity is taken into account, Bangladesh has continued to be the leading exporter of clothing to the UK market from January to October 2023.
According to figures released by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), China sold 159.25 million kg of clothing to the UK, whereas Bangladesh exported 178.39 million kg.
China leads the pack when it comes to the performance of UK sourcing countries, according to BGMEA President Faruque Hassan. Bangladesh, Turkey, India, and Pakistan come next.
In terms of volume (quantity), Bangladesh had established itself as the leading clothing supplier in Europe by 2022.
"We are still in the same position in the UK market as we were in 2022 because the UK imported more goods from Bangladesh than from China, and this trend is still present in the first ten months of 2023," he stated.
Nonetheless, according to Faruque, Bangladesh accounts for 28% of the UK's overall garment imports in terms of volume and 23% of value.
"We have managed to stay ahead of the competition in the fashion industry thus far by preserving quality, delivering products on schedule, and exploring cost-saving opportunities," stated BGMEA President.
As the market gets closer to saturation, he added, there are still prospects in the UK and that over the next few decades, trade policy and the competitive environment will shift on a global scale. Gaining expertise in the backward and forward linking industries will be essential to shifting to higher-value products and higher-value markets to increase global market share and maintain growth.
According to him, Bangladesh may increase value by entering the mid-to high-price range of the market, where a T-shirt or polo shirt can only bring in more FOB revenue due to its intricate manufacturing, embroidery, printing, and even functioning.
It should be noted, incidentally, that Bangladesh provides the lowest price when compared to its competitors, taking into account the average cost of UK garment imports.
"Compared to China, Turkey, and even India, our average pricing is 21.39 percent cheaper, 32% lower, and 26.75% lower. This not only demonstrates that we cannot compete in the international market, but it also makes it very clear that we do not exist in the mid-to high-price range of the market. The BGMEA President stated, "At this point, we need to strategize to capture the mid-high price segment to take the industry forward."
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