Despite holding its position as the world’s second-largest apparel exporter, Bangladesh faces growing competition from Vietnam, which is emerging as a formidable rival in the global market.

According to the World Trade Organization (WTO) data for 2024, Bangladesh secured $38.48 billion with a growth rate of 0.21%, while Vietnam emerged as a strong contender with a notable growth rate of 9.34%, amounting to $33.94 billion in exports.

The global apparel market has reached a total size of $557.50 billion, showing a 7.08% growth from the previous year's $520.62 billion, according to the WTO data for 2024.

China, leading the market, achieved $165.24 billion in exports, marking a modest growth of 0.30%. Following closely, Bangladesh secured $38.48 billion with a growth rate of 0.21%.

Vietnam emerged as a strong contender with a notable growth rate of 9.34%, amounting to $33.94 billion in exports.

Turkey contributed $17.91 billion to the market, while India, Cambodia, Pakistan, Indonesia, and the USA recorded export figures of $16.36 billion, $9.89 billion, $9.28 billion, $8.73 billion, and $7.00 billion, respectively.

Growth percentages varied across these countries, with figures ranging from 24.19% to -4.42%.

Market share analysis reveals China holding the largest share at 29.64%, followed by Bangladesh at 6.90%. Vietnam, Turkey, India, Cambodia, Pakistan, Indonesia, and the USA captured market shares of 6.09%, 3.21%, 2.94%, 1.77%, 1.66%, 1.57%, and 1.26%, respectively.

Despite the challenges posed by the COVID-19 pandemic, the global apparel market has shown signs of recovery and growth. But, new challenges and issues continue to emerge, shaping the dynamics of the industry.

Mohiuddin Rubel, former director, Brand BGMEA and Managing Director, Bangladesh Apparel Exchange told UNB that Bangladesh’s competitors increased in the global market.

The US tariff imposed for Bangladesh would be increased if the tariff barrier continues, he said.