In 2024, Bangladesh proudly holds onto its title as the second-largest exporter of apparel globally, showcasing the strength and perseverance of its ready-made garment (RMG) industry. Recent statistics from the World Trade Organization (WTO) reveal that the country’s garment exports amounted to a remarkable $38.48 billion in the previous year, representing a 6.90 percent share of the overall market. global market, which stood at $557.50 billion. This achievement underscores Bangladesh’s pivotal role in supplying global fashion demands. Although Bangladesh experienced a small rise of 0.21 percent in export value compared to last year, its market share decreased slightly from 7.38 percent in 2023. This reflects the highly dynamic nature of the global apparel industry. China continued to lead the market, exporting $165.24 billion, but also experienced a decline in its market share. Meanwhile, Vietnam emerged as a formidable competitor, securing the third position with $33.94 billion in exports and registering a notable 9.34 percent year-on-year growth, indicating a shift in global sourcing trends. The ability of Bangladesh’s apparel sector to retain its ranking, even amidst various global and domestic challenges, speaks volumes about its adaptability. Industry leaders acknowledge ongoing concerns such as a recent hike in US tariffs, which could impact competitiveness, and the need for significant improvements in the country’s business environment, particularly regarding energy supply. Calls for enhanced government incentives and a focus on market diversification are also growing, aiming to support continued growth and attract new investments. To further solidify its standing and boost future export earnings, the sector is strategically investing in value-added products, including garments made from man-made fibers (MMF). This shift aims to secure better prices from international buyers and expand Bangladeshโs presence in higher-end segments of the market. Such initiatives are crucial for enhancing competitiveness against rising contenders like Vietnam and India, who have benefited from robust government support and foreign investment. Looking ahead, the commitment of Bangladeshi manufacturers to innovation and sustainability, coupled with supportive policy measures, will be key to navigating future challenges and sustaining this crucial sector’s growth. The focus on improving efficiency, diversifying product offerings, and exploring new markets promises to reinforce Bangladeshโs position as a global apparel powerhouse, continuing its journey towards economic prosperity and job creation for millions.
