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Global Apparel & Textile Industry Outlook: Top Exporting Countries
The global apparel industry is projected to rise from $655.7 billion in 2023 to
$918.71 billion by 2028. Key drivers include economic momentum in emerging markets,
increased demand for synthetic fibres, and technological advancements. While
sustainability and digital innovations shape future trends, innovation is needed to
sustain growth and competitiveness.
Top Exporting Countries

Pic: Adobe Stock

The global apparel industry stands as a pivotal pillar of international commerce,

encompassing a diverse spectrum of products ranging from garments and textiles to
accessories. Over the recent years, this sector has exhibited robust growth, with
projections indicating a rise from $655.7 billion in 2023 to $703.11 billion in
2024, reflecting a compound annual growth rate (CAGR) of 7.2 per cent. Looking
further ahead, the market is anticipated to reach $918.71 billion by 2028, growing
at a CAGR of 6.9 per cent.

This expansion is underpinned by various economic, technological, and social

drivers. Strong economic momentum in emerging markets, augmented foreign direct
investments, increasing demand for synthetic fibres, and advancements in technology
have collectively propelled industry development. These factors have not only
stimulated innovation but also broadened global market opportunities across
regions.

Asia, notably China, Bangladesh, India, Vietnam, and Türkiye, alongside significant
players from other continents like the US, Germany, and Italy, have emerged as key
exporters in the global apparel landscape. Their competitive edge lies not only in
manufacturing prowess but also in their ability to innovate and respond swiftly to
evolving market demands.

As the industry contends with challenges such as inflationary pressures and

evolving consumer spending patterns, the adoption of sustainable practices and
technological innovations will be pivotal in fostering long-term resilience and
sustainable growth.

Looking forward, the apparel industry is poised for transformative change driven by
trends such as the proliferation of social media, the rapid growth of e-commerce
platforms, escalating demand for sportswear and performance attire, and
advancements in digital technologies like blockchain, artificial intelligence (AI),
and augmented reality (AR). These trends are reshaping consumer behaviours,
influencing market dynamics, and propelling industry practices towards
sustainability, transparency in supply chains, and ethical production standards.

Top Apparel & Textile Exporting Countries

The export performance of key players in the global textile and apparel sector
provides valuable insights into the industry’s recovery trajectory.

China

Performance Overview: China remains the world’s largest apparel exporter, with a
significant lead over other countries in 2023. As per the data published by the
General Administration of Customs, the total apparel export growth outpaced the
growth rate of total goods trade from China in 2023. China’s textile and apparel
exports surged, with $45.1 billion recorded in the first two months of 2024 alone,
marking a 14.3 per cent year-over-year increase. The first quarter of 2024 saw
apparel exports totalling $33.82 billion, up by 1.1 per cent.

Key Markets and Trends: China continues to dominate the EU market, with robust
export growth attributed to the nation’s extensive manufacturing capabilities and
cost efficiencies.

Bangladesh

Performance Overview: Bangladesh’s garment exports reached $46.99 billion in FY

2022-23, with a 10.27 per cent year-on-year growth. Apparel accounts for 84.58 per
cent of the country’s total exports. The latest data by Export Promotion Bureau
(EPB) highlights that total apparel exports reached $4.49 billion in February 2024,
increasing by ≈14 per cent over a year ago period.

Key Markets and Trends: The country remains the top readymade garments (RMG)
exporter by volume, with significant contributions from knitwear and woven
garments. However, exports fell in April 2024 due to slowed shipments.

Vietnam

Performance Overview: Vietnam experienced a challenging 2023, with a 14.68 per cent
decline in apparel exports to the EU. However, exports rebounded in 2024,
increasing by 15 per cent in the first two months.

Key Markets and Trends: The resurgence is attributed to increased orders from key
markets. Despite difficulties, Vietnam remains a significant player in the global
apparel market.

Germany

Performance Overview: Renowned for high-quality craftsmanship and innovation in

textiles, Germany’s textile exports in 2023 were approximately $27.44 billion,
slightly down from the previous year. Exports account for about 49.4 per cent of
the industry revenue.

Key Markets and Trends: The primary export markets include Poland, Austria, the
Netherlands, France, and Switzerland. Despite a slight decrease in overall exports,
Germany maintains a strong presence in the global textile market.

Italy

Performance Overview: Italy’s fashion industry shows growth in high-value exports

despite economic challenges and reduced trade volumes. The country’s apparel
industry saw a 3 per cent revenue increase in 2023, reaching $28 billion. Exports
of non-knitted apparel totalled $16.2 billion, up 7.39 per cent from 2022.

Key Markets and Trends: Top destinations for Italian apparel include France,
Germany, and the US. Despite economic challenges and reduced trade with non-EU
countries, Italy’s high-end fashion sector remains resilient.

Türkiye

Performance Overview: Türkiye is known for its high-quality fabrics and

craftsmanship. Its apparel exports faced a decline in 2023, with significant drops
to the EU market. Total exports fell by 9.2 per cent to $19.3 billion due to
inflation, reduced demand, and overvalued currency. Knitted and crocheted clothing
exports fell by 8.9 per cent, while non-knitted apparel exports dropped by 13.7 per
cent.

Key Markets and Trends: The EU remains a crucial market, although recent economic
and geopolitical tensions have impacted trade. Higher production costs also pose a
risk to Türkiye’s trade competitiveness at the global level.
India

Performance Overview: India’s textile exports declined to $34.4 billion in FY 2023-

24, continuing a downward trend post-COVID-19. Readymade garments, which constitute
42 per cent of these exports, experienced a 10 per cent decline. However, after
this sharp drop, India’s apparel exports may see a muted recovery in 2024-25 as the
US and EU retailers are expected to restock inventories, according to the
Investment Information and Credit Rating Agency of India (ICRA).

Key Markets and Trends: Despite the overall decline, there was an increase in
exports of cotton yarn and handloom products. Geopolitical issues and high interest
rates have hindered textile and apparels export growth.

United States

Performance Overview: The US textile and apparel industry faced significant

challenges in 2023 due to global supply chain disruptions, rising material costs,
inflation, and fluctuating consumer demand. Initially strong consumer demand
flattened in the second half of the year as inflation shifted the market from high
demand and low supply to the opposite. Despite these hurdles, positive trends like
softening inflation in the latter half of the year and increased onshoring and
nearshoring investments helped mitigate some pressures. However, in the first five
months of 2024, textile and apparel exports decreased by 2.59 per cent, with
notable declines in key categories like fabric and yarn, according to data from the
Office of Textiles and Apparel (OTEXA). Key categories such as fabric and yarn
exports saw declines.

Key Markets and Trends: Apparel exports to Mexico and China increased, while those
to Canada and the UK declined. The made-up articles category showed marginal
growth. In recent years, US textile and apparel exports have consistently ranged
between $22 billion and $25 billion annually.

Spain

Performance Overview: Spain’s apparel exports, particularly non-knitted garments,

decreased by 8.5 per cent in 2023 to $7.99 billion. Economic challenges have led to
reduced demand in key markets.

Key Markets and Trends: The primary export products include women’s suits, jackets,
and overcoats. Women’s apparel constitutes a significant portion of the exports.

Cambodia

Performance Overview: As per the latest data of General Department of Customs and
Excise (GDCE) under the Ministry of Economy and Finance, Cambodia’s textile and
apparel exports surged by 18.50 per cent to $4.33 billion in the first half of 2024
after registering a drop by 13.3 per cent in 2023, when its exports fetched around
$7.87 billion, largely due to reduced trade advantages with the EU and the US.

Key Markets and Trends: Despite rising labour costs, Cambodia remains competitive
in the apparel sector. The withdrawal of preferential trade terms has negatively
impacted export volumes. Cambodia’s exports of apparel and clothing accessories
(knitted, HS 61) amounted to $1,626.432 million, representing an increase of 16.6
per cent compared to $1,394.829 million in the corresponding period of 2023.

Hong Kong

Performance Overview: Hong Kong’s apparel exports declined by 4 per cent in 2023,
with a substantial 47 per cent drop compared to pre-pandemic levels. High inflation
and inventory issues contributed to the weak performance.

Key Markets and Trends: Major markets like Macao, ASEAN, and South Korea showed
growth, while exports to China, the US, and the EU declined. Woven wear, especially
for women, remains the dominant export category. As per the Hong Kong Trade
Development Council (HKTDC) Export Index survey’s findings, a significant portion
of respondents in the Q4 2023 expressed concerns over potential economic downturns
and the effects of geopolitical tensions, pointing towards a cautious and moderate
outlook for apparel sector. The growth of apparel sector is based on the backdrop
of creation of values for enterprises and manufacturers in cross-border business by
focusing on providing efficient trade, expertise, logistics as well as other added
value services.

Key Insights on Major Apparel Exporting Countries (2023-24)

Figure 1 highlights the percentage share of total exports for top apparel-exporting
countries, providing a clear picture of their contributions to the global apparel
market.

China dominates the global apparel market with a commanding 40 per cent share,
reflecting its unmatched manufacturing capabilities. Germany and Italy each hold a
7 per cent share, highlighting their strengths in high-quality craftsmanship and
innovative textile products. Türkiye, India, and Spain, despite contributing
significantly to global exports, face economic and geopolitical challenges that
impact their competitiveness. Cambodia and Hong Kong, with smaller shares of 2 per
cent each, remain competitive yet constrained by rising labour costs and changing
trade advantages. Bangladesh and Vietnam are notable players with 12 per cent and
10 per cent shares, respectively, driven by cost efficiencies and resilient
manufacturing sectors. The United States maintains a 7 per cent share but faces
mixed export trends across different markets. Overall, the apparel industry is
shaped by technological advancements, sustainability trends, and economic
conditions, requiring continuous adaptation and strategic planning to sustain
growth. Free Trade Agreements (FTAs) play a crucial role in enhancing export
potential, particularly for countries like India, which currently faces limitations
due to a lack of strategic trade agreements.

Key Takeaways

China and Bangladesh continue to dominate the global apparel market, with China
maintaining its leadership and Bangladesh showing significant growth.

European countries like Germany, Italy, and Spain face mixed trends but remain
crucial players with strong markets within the EU.

Resilience and Recovery in Emerging markets: Despite challenges, emerging markets

such as Cambodia and Vietnam exhibit resilience and growth potential despite
economic challenges.

The United States shows mixed export trends with increases in some markets and
decreases in others, highlighting the variability in global trade dynamics.

India and Türkiye face declining exports, emphasising the need to address economic
and geopolitical challenges to regain competitiveness.

Economic Challenges: Global economic conditions, including inflation and

geopolitical tensions, impact apparel export performance across regions.
The overall global apparel market is influenced by technological advancements,
sustainability trends, and shifting economic conditions, requiring continuous
adaptation and innovation to sustain growth.

Conclusion and Way Forward

The post-COVID period has marked a transformative phase for the global textile and
apparel industry, influenced by a complex interplay of economic conditions,
geopolitical tensions, and evolving consumer preferences. With the global apparel
market poised to reach $918.71 billion by 2028 (Statista), driven by advancements
in technology, sustainability initiatives, and shifting consumer behaviours, the
industry faces both opportunities and challenges.

China maintains its dominant position in apparel exports due to its robust
manufacturing capabilities yet faces increasing competition from emerging players
like Bangladesh and Vietnam, leveraging cost advantages and resilience in
challenging market environments. Germany and Italy continue to thrive through their
commitment to quality and innovation, despite economic headwinds affecting global
trade dynamics.

Inflation, geopolitical instability, and evolving trade policies pose significant

challenges across these markets, necessitating strategic agility and proactive
planning. Embracing innovation, expanding market reach, and adopting sustainable
practices emerge as critical strategies for sustained growth.

Looking ahead, the future outlook for the apparel industry remains promising,
particularly in Southeast Asia and South Asia, driven by demographic shifts and
rising disposable incomes. To capitalise on these opportunities, industry
stakeholders must prioritise technological integration, enhance sustainability
efforts, and navigate economic complexities with resilience and foresight.

The way forward involves a balanced approach of leveraging digital transformation,

promoting collaborative efforts across global supply chains, and advocating for
supportive policies that foster innovation and market competitiveness. By embracing
these strategies, apparel exporters can not only sustain but also accelerate their
growth trajectory, contributing to broader economic development and resilience in a
dynamic global marketplace.

View Article Analytics

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Exports/partner/ALL/product/392620
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Published:
Dec 2019
Tags :
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