The slower consumption comes as a challenge to leading ready made garment exporting countries, which have seen negative growth. Global consumption of apparel products slipped by 7.92 per cent in 2015. Bangladesh’s global market share in clothing products rose to 5.9 per cent in 2015, which was 5.1 per cent in the previous year. China, the number one exporter accounting for a 39.26 per cent global market share, has seen a 6.37 per cent decline in its exports to world markets in 2015 followed by Turkey and Indonesia. Economic ups and downs in the developed countries have cast a shadow on employment. As a result, consumption of clothing products has declined. China’s exports are falling because buyers are shifting orders. China itself is turning to quality but higher labor costs are pushing production costs up. This shift is seen as an opportunity for ready made garment manufacturers in Bangladesh. They feel if they move fast enough orders from buyers will rise significantly.
Global apparel products slipped 7.92% in 2015
