Despite retaining its position as the world's second-largest apparel exporter, Bangladesh is facing intensifying competition from Vietnam, which is rapidly emerging as a formidable rival in the global market. According to World Trade Organization (WTO) data for 2024, Bangladesh secured $38.48 billion in apparel exports, but with a modest growth rate of 0.21 per cent. In contrast, Vietnam showcased a remarkable growth rate of 9.34 per cent, reaching $33.94 billion in exports, significantly narrowing the gap.
The global apparel market expanded to a total size of $557.50 billion in 2024, marking a 7.08 per cent growth from $520.62 billion in the previous year, indicating a recovery despite the challenges posed by the COVID-19 pandemic. China continues to lead the market, exporting $165.24 billion with a modest 0.30 per cent growth, maintaining a 29.64 per cent market share. Bangladesh holds the second-largest share at 6.90 per cent, while Vietnam has increased its share to 6.09 per cent.
Other significant apparel exporting nations include Turkey ($17.91 billion), India ($16.36 billion), Cambodia ($9.89 billion), Pakistan ($9.28 billion), Indonesia ($8.73 billion), and the US ($7.00 billion). The growth percentages among these countries varied widely, from a robust 24.19 per cent to a contraction of 4.42 per cent, underscoring the dynamic shifts in global sourcing and trade policies.
Mohiuddin Rubel, Former Director, BGMEA and Managing Director, Bangladesh Apparel Exchange, highlighted, Bangladesh's competitors are gaining ground in the global market. He also raised concerns about potential increases in US tariffs on Bangladeshi goods if existing tariff barriers persist, a factor that could further impact the nation's export performance. As the global apparel industry continues to evolve, Bangladesh faces the crucial task of navigating these competitive pressures and evolving trade dynamics to maintain its strong global standing.
