Bangladesh remains second-largest garment exporter
Exports reached $38.48 billion in 2024 as Bangladesh retains second place globally, just behind China
DHAKA, Bangladesh (MNTV) — Bangladesh has maintained its position as the world’s second-largest apparel exporter in 2024, reinforcing its role as a key player in the global garment industry. Export earnings remained strong at $38.48 billion, reflecting resilience despite global economic and geopolitical headwinds.
According to the World Trade Organization (WTO), global trade in goods and services grew by 4 percent in 2024, bouncing back from a 2 percent decline the previous year. In its latest report, World Trade Statistics: Key Insights and Trends in 2024, the WTO noted that global apparel imports rose by 7 percent to $557.5 billion.
Bangladesh’s steady export performance comes amid a rise in global demand for garments, particularly from the United States and Europe. The country’s apparel sector remains a cornerstone of its economy, employing millions and contributing significantly to national export earnings.
The WTO also reported that merchandise trade globally rose by 2 percent in 2024, while services grew by 9 percent—marking the highest share of services in global trade since 2005.
However, industry observers caution that competition is increasing. Vietnam, currently the third-largest exporter, saw a 9 percent rise in apparel exports last year, reaching $34 billion and pushing its market share above 6 percent.
In Bangladesh, the sector faced challenges in 2024 including labour unrest, power shortages, and political uncertainties. Factory closures in key industrial zones like Ashulia, combined with disruptions in energy supply, impacted production timelines.
Fazlee Shamim Ehsan, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association, warned that changes in U.S. trade policy—such as Donald Trump’s proposed reciprocal tariff measures—could affect Bangladesh’s exports, particularly to Western markets.
China continues to lead global apparel exports with $165 billion in 2024, despite a gradual decline in its overall market share.
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