Bangladesh strengthens position in South Korean apparel market

Although the South Korean market is gaining significance in Bangladesh's total apparel exports, it was ranked 14th in the top apparel markets for the South Asian nation.

Apparel exports from Bangladesh to South Korea were valued at $271.089 million in 2018. Trade increased by 107 per cent to reach $561.008 million in 2023. The country also succeeded in strengthening its position in the South Korean market. Shipments to South Korea accounted for just 0.81 per cent of total exports, which amounted to $33.297 billion in 2018. The share of South Korea improved to 1.65 per cent. South Korea’s rank also improved, rising from the 21st position as Bangladesh's top apparel market in 2018, according to Fibre2Fashion's market insight tool TexPro.

Bangladeshi apparel exports to South Korea reached $558.875 million in 2022, up from $445.231 million in 2021, $323.555 million in 2020, and $335.147 million in 2019. There was a notable increase of 23.63 per cent in 2019, followed by a slight decline of 3.46 per cent in 2020. However, exports rebounded strongly with a surge of 37.61 per cent in 2021, further rising by 25.52 per cent in 2022. In the recently concluded year of 2023, there was a modest increase of 0.38 per cent.

In 2023, Bangladesh emerged as the fourth-largest apparel supplier to South Korea, holding a stake of 4.68 per cent in the country's total apparel imports, valued at $11.988 billion. This marks a notable advancement from its position as the sixth-largest supplier in 2018. According to TexPro, Bangladesh's share of South Korea's total apparel imports was 2.67 per cent in 2018, amounting to $10.161 billion.

ALCHEMPro News Desk (KUL)