In a dramatic change in the global clothing market, China’s share has almost halved over the last ten years, mostly as a result of trade disputes between the US and China, while Bangladesh and Vietnam have greatly grown their exports to the US.
Bangladesh, a major participant in the US garment supply chain, saw a remarkable 50.79 per cent increase in exports between 2014 and 2023, according to data from the Office of Textiles and garment (OTEXA). Bangladesh’s garment exports peaked at US $ 9.73 billion in 2022 after increasing annually from US $ 4.83 billion in 2014. However, 2023 saw a significant decline, with exports falling 25.07 per cent to US $ 7.29 billion, even though US apparel imports fell 22.04 per cent in the same time frame.
Over the past ten years, there have been changes in the US clothing market. By 2023, US apparel imports had dropped from a peak of US $ 81.78 billion in 2014 to US $ 77.84 billion. With imports falling to US $ 64.06 billion in 2020 and then rising to US $ 98.86 billion in 2022, the COVID-19 pandemic had a significant influence.
China used to be the largest supplier of clothing to the United States, but its market share has drastically decreased, with shipments falling from US $ 29.79 billion in 2014 to US $ 16.32 billion in 2023, a 45.24 per cent decrease. The main cause of this decline is the continuous trade disputes between the US and China.
Vietnam, on the other hand, has profited from China’s losses by increasing its clothing exports from US $ 9.27 billion in 2014 to US $ 14.18 billion in 2023—a notable increase of 52.96 per cent.
India has also experienced growth, as evidenced by the 31.43 per cent increase in its garment exports from US $ 3.40 billion to US $ 4.69 billion. Similarly, exports from Pakistan increased 38.14 per cent from US $ 1.46 billion to US $ 2.02 billion, and exports from Cambodia increased 33.97 per cent from US $ 2.48 billion to US $ 3.32 billion.
Conversely, nations including South Korea, Mexico, Honduras, and Indonesia have recorded drops in their garment exports to the United States, with drops of 13.31 per cent, 24.66 per cent, 6.08 per cent, and 17.99 per cent, respectively.
As the garment business develops further, China’s once-dominant role is becoming more and more challenged due to geopolitical and economic upheavals, while Bangladesh and Vietnam are securing their status as top suppliers to the US.
