A large number of clothing orders canceled by international buyers in the wake of the COVID-19 pandemic and the US-China trade war, with many of these orders already underway. moved to Bangladesh, the world’s second largest garment processing exporter.
Bangladesh is one of about 45 developing countries that have unrestricted access to all EU markets, with the exception of arms and ammunition. In contrast, Chinese exporters must pay taxes when selling goods to EU countries
Bangladesh is close to China’s share of exports to the EU and he believes the country will overtake China as the largest exporter to the EU within the next four to five years
during the application of COVID-19 blockade measures over the past three years, Zhongdao Textile and Garment Trade Zone (Zhongda), the index for Guangzhou’s garment industry, has had to close several times, and all wholesale and logistics activities have been suspended. This situation also dealt a heavy blow to the apparel market around this area.
As a result, orders were canceled, factories stopped working, and a large number of people lost their jobs. Many foreign companies have withdrawn from China and moved to East Asian countries
Many EU buyers look to Bangladesh for apparel, including H&M, Zara, Primark, G-Star Raw, and Marks & Spencer
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