Bangladesh has managed to retain its position as the second-largest apparel exporter in the world, but rising competition from Vietnam is tightening the race. As per 2024 data released by the World Trade Organization, Bangladesh recorded apparel exports worth $38.48 billion, with a modest growth rate of just 0.21%. Meanwhile, Vietnam's apparel shipments touched $33.94 billion, bolstered by an impressive 9.34% growth, reflecting the country’s expanding presence in global markets.

The worldwide apparel industry has rebounded sharply, growing from $520.62 billion in 2023 to $557.50 billion in 2024 a 7.08% rise driven by strong demand recovery across major economies. China continues to lead the market, commanding a 29.64% share with exports totaling $165.24 billion, while Bangladesh holds 6.90% and Vietnam trails closely with 6.09%.

Other leading exporters include Turkey ($17.91 billion), India ($16.36 billion), and Cambodia ($9.89 billion), with export performances ranging from high double-digit growth to slight contractions.

Industry expert Mohiuddin Rubel, former Director of Brand BGMEA, pointed out that despite Bangladesh’s global stature, the sector is at a crossroads. He warned that prolonged tariff issues with the U.S. could impact competitiveness, especially as nations like Vietnam gain ground with favourable trade ties and faster growth.

To secure its footing, Bangladesh must focus on policy agility, market diversification, and innovation. As global apparel dynamics shift, staying ahead will depend on how swiftly the nation adapts to emerging challenges and global expectations.