Written by The Banking Post
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 World Trade Organization (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. However, new challenges and issues continue to emerge, shaping the dynamics of the industry.
