section_path: Production methods/Textile exports/Changing dynamics of the market
section_name: Changing dynamics of the market
paragraph_text: Changing dynamics of the market
  
  China is the largest exporter of textile goods. The majority of China's exports consist of apparel, apparel accessories, textile yarns, and textile products. The competitive advantages of the China are low prices and abundant labor, lowered commercial obstacles, and a ready supply of raw materials. China, along with the United States and India, is a major producer of cotton.
  
  China's apparel market share has declined in recent years due to various reasons and a shift toward high-end, sophisticated products. Additionally, the investors from China made stakes in Myanmar, Vietnam, and Cambodia. Last year, its market share was 36.7%, or $161 billion, a decline of 8% year-over-year. In other words, China lost $14 billion in garment work orders to other countries in a single year. In 2016, Bangladesh's apparel market share was valued at $28 billion, increasing 7.69 percent from the previous year.
  
  In 2016 the leading exporters of apparel were; China ($161 billion), Bangladesh ($28 billion), Vietnam ($25 billion), India ($18 billion), Hong Kong ($16 billion), Turkey ($15 billion), and Indonesia ($7 billion).
  
  Garment Exports in Bangladesh Reached Record High in 2021-2022 Fiscal Year; China ($220.302 billion), Bangladesh ($38.70 billion), India ($8.127 billion), Pakistan ($19.33 billion).