Bangladesh: Hat And Headgear Market 2024

Hat And Headgear Market Size in Bangladesh

The Bangladeshi hat and headgear market reduced dramatically to $X in 2022, declining by -96.2% against the previous year. Over the period under review, consumption continues to indicate a dramatic contraction. Hat and headgear consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Hat And Headgear Production in Bangladesh

In value terms, hat and headgear production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 7.4%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Hat And Headgear Exports

Exports from Bangladesh

Hat and headgear exports from Bangladesh surged to X units in 2022, jumping by 210% on the previous year. Over the period under review, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear exports declined modestly to $X in 2022. In general, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +4.1% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 22% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for hat and headgear exports from Bangladesh, with a 67% share of total exports. Moreover, hat and headgear exports to the United States exceeded the volume sent to the second major destination, India (X units), more than tenfold. Germany (X units) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +20.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+13.1% per year) and Germany (+24.5% per year).

In value terms, the United States ($X) remains the key foreign market for hats and other headgear exports from Bangladesh, comprising 62% of total exports. The second position in the ranking was held by Germany ($X), with a 5.7% share of total exports. It was followed by Canada, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+14.4% per year) and Canada (-1.8% per year).

Export Prices by Country

In 2022, the average hat and headgear export price amounted to $X per unit, waning by -69% against the previous year. In general, the export price showed a deep reduction. The pace of growth was the most pronounced in 2021 when the average export price increased by 22% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (-3.3%), while the prices for the other major destinations experienced a decline.

Hat And Headgear Imports

Imports into Bangladesh

In 2022, approx. X units of hats and other headgear were imported into Bangladesh; picking up by 137% compared with 2021 figures. Overall, imports showed strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear imports rose slightly to $X in 2022. In general, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -4.5% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 82% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) was the main supplier of hat and headgear to Bangladesh, with a 95% share of total imports. Moreover, hat and headgear imports from China exceeded the figures recorded by the second-largest supplier, India (X units), more than tenfold. The third position in this ranking was taken by Hong Kong SAR (X units), with a 0.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +51.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-5.2% per year) and Hong Kong SAR (-11.7% per year).

In value terms, China ($X) constituted the largest supplier of hats and other headgear to Bangladesh, comprising 96% of total imports. The second position in the ranking was held by India ($X), with a 1.9% share of total imports. It was followed by Hong Kong SAR, with a 0.3% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +46.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+5.4% per year) and Hong Kong SAR (-12.5% per year).

Import Prices by Country

In 2022, the average hat and headgear import price amounted to $X per unit, dropping by -55.7% against the previous year. Overall, the import price showed a abrupt decrease. The pace of growth was the most pronounced in 2013 when the average import price increased by 42%. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+12.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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