(VOVWORLD) - Vietnam and Bangladesh are surpassing India as low-cost manufacturing export hubs, said the World Bank.
 Shirt and vest assembly line at Garment Corporation 10 in Sai Dong, Long Bien district, Hanoi (Photo: Anh Tuan/VNA) |
In a report released on Tuesday, the WB said that India's trade in goods and services has been declining as a percentage of gross domestic product over the past decade despite its economic heft.
India's share in global exports of apparel, leather, textiles, and footwear has declined from 4.5% in 2013 to 3.5% in 2022. In contrast, Vietnam’s share in global exports of these goods reached 5.9%, while the share for Bangladesh stood at 5.1% in 2022, the report noted. The WB recommended that India cut trade costs, tariff and non-tariff barriers, and revise trade agreements.