EU apparel imports fall 3.63pc during this period

TDS Desk

Bangladesh’s exports of readymade garments to the European Union (EU) saw a 3.53 per cent decline from January to August 2024 compared to the same period in 2023.

The EU’s apparel imports saw a 3.63 per cent fall in the first eight months of the calendar years, reflecting a broader global trend of reduced apparel consumption.

According to the latest data, total imports dropped from US$ 61.56 billion to US$ 59.32 billion.

Bangladesh, one of the leading apparel suppliers to the EU, experienced a 3.53 per cent decrease in exports, with the value of shipments falling to $12.91 billion during this period, according to BGMEA Director Mohiuddin Rubel.

This decline mirrors the overall drop in EU apparel demand but raises questions about shifting dynamics in global supply chains, reports UNB.

China, the largest exporter to the EU, saw its apparel imports decrease by 4.10 per cent to $15.62 billion. Other key suppliers like Turkey and India also faced declines, with Turkey’s exports down by 7.52 per cent to US$ 6.84 billion and India’s down by 2.73 per cent to $3.34 billion. Vietnam reported a 2.09 per cent decrease, with exports totaling $2.65 billion.

In contrast, some countries bucked the downward trend. Cambodia’s exports to the EU surged by 12.78 per cent, Pakistan saw a 7.3 per cent increase, and Morocco experienced a 6.09 per cent rise, signaling a potential shift in sourcing preferences within the global apparel market.

These variations among key suppliers suggest nuanced changes in global apparel supply chains.