Recent data from the United States International Trade Commission reveals that Vietnam and India are outpacing Bangladesh in high-value apparel exports to the US. As of 2023, Vietnam's market share in US apparel imports has increased significantly, rising from 10.0% in 2013 to 17.8%. Meanwhile, India's share has also seen growth, moving from 4% to 5.3% during the same period. In contrast, Bangladesh's market share has grown from 6% to 9%, indicating a slower pace of growth compared to its competitors [6495dd99].
In terms of financial figures, Bangladesh exported $7.1 billion worth of apparel in 2023, marking an increase of $2.3 billion from 2013. However, the country ranks second-lowest in apparel export prices after China, which has seen its share of the US market decline from 37.7% to 21.3% over the past decade [6495dd99].
India's apparel exports to the US accounted for a substantial 32.0% of its total global apparel exports, which totaled $14.5 billion in 2023. Other competitors in the market include Pakistan, whose market share increased from 1.9% to 2.6%, and Cambodia, which saw its share rise from 3.2% to 4.3% [6495dd99].
Despite these positive trends, Bangladesh faces significant challenges, particularly its reliance on imports for man-made fibers and a low reputation regarding labor practices. These factors may hinder its ability to compete effectively in the high-value apparel segment [6495dd99].