Vietnam, Bangladesh surpass India in low-cost manufacturing: WB
A recent World Bank report has highlighted a notable shift in global trade dynamics, with Vietnam and Bangladesh emerging as dominant low-cost manufacturing and export hubs, surpassing India in key sectors.
The WB report released on September 3 highlights that the proportion of trade in goods and services as a percentage of India's gross domestic product declined over the past decade, despite the country's rapid economic growth.
Accordingly, India's share in global exports of textiles, leather, and footwear increased from 0.9% in 2002 to a peak of 4.5% in 2013 but then fell to 3.5% in 2022.
Vietnam's and Bangladesh’s share in these sectors reached 5.9% and 5.1% in 2022, respectively./.
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