The export market of textiles or garments has always been a bright spot for economic growth for a country. Textile industries have all the capabilities of conquering all challenges in a competitive market. There are several benefits of textile industries like increased domestic competitiveness, gaining global market and share, boost local, state and federal economy. And most importantly, exports of textile and garments are the main source of foreign exchange earnings. That’s why all the developing countries have increased their textile industries.
Here is the list of the top 10 textile export countries based on their export market value in 2020.
Read Also : Buying Houses list in Bangladesh
- China: China is currently the largest global textile exporter in the world. In 2020 China’s export value was approximately $266.41 billion. Textile industries in China grew after the 20th century. There are eight major categories of China’s textile industries such as chemical fabrics, cotton fabrics, wool fabrics, silk fabric, knitted fabric, textile machinery, best fiber and garments. Textile industries are booming With government support and plan. With a great rise in profits, Chinese textile companies are becoming a global giant day by day. China is clearly going to lead the textile industry for many years.
- Germany: Germany is the 2nd largest global textile exporter in 2020 after China. Germany is the world leader in the textile and fashion industry with an export value of $38.99 billion. The industries in Germany mainly form medium and small size businesses. Germany is known for the good production of textile and clothing and as well as raw materials used in the product. Germany is one of the biggest exporters of synthetic yarn, machinery, manmade fiber, knitted apparel cloth. In the last few decades, the country has improved its production quality of textile. There is no doubt that in the future the country will improve a lot and will become the world’s largest exporter.
- Bangladesh: In Bangladesh, textile industries are the main source of economic growth. In the last decade, Bangladesh has emerged as a key garments supplier and now Bangladesh’s textile industry is the 3rd largest global exporter in 2020. Bangladesh is the 2nd largest textile exporter of western fast fashion brands. In 2020, Bangladesh’s export value of garments was approximately $38.73 billion. In the last 7 years, the garments industry in Bangladesh has enhanced its revenue from $19 billion to $38.73 billion. These industries have a famous reputation in the world’s competitive market because of their high-quality product at a low cost. And Bangladesh has a target of achieving 50 billion export value in 2021. There is no doubt that in the next few decades, Bangladesh will achieve its goal. One day it will become the world’s largest exporter.
- Vietnam: Vietnam has a long history of manufacturing. Vietnam is among the top textile exporter countries with an export value of $37.93 Billion. Vietnam is the 4th largest textile exporter in the world according to the 2020 report. Vietnam’s textile industries are formed of 3 sub-sectors – downstream sector, fiber production and upstream sector garments manufacturing. The major factor driving the growth of Vietnam’s textile industries is growing textile export to the US, Japan, EU and South Korea. And another major fact is low labor cost. In the next few decades, Vietnam will surely be going to keep this top position for many years.
- India: India is the 5th largest global exporter in the world with an export value of $37.11 Billion. And India is the 2nd largest producer of cotton in the world. 60 percent of Indian textile industries are cotton-based. The textile sector is the oldest sector of the Indian economy. Indian textile sector consists of 2 major parts. First, is an unorganized sector formed with a handloom. Another one is formed with applied modern machinery and techniques. India has good quality production of yarn, chain, apparel and fabric. Day by day India is improving its textile manufacturing. And the country is using advanced technology to improve its quality of textile production.