The analysis of EU apparel import data for January to September 2023 and 2024 shows a 2.02% decline in total imports, dropping from $69.81 billion to $68.40 billion. This decrease signals a contraction in global apparel demand.
Notably, imports from various countries experienced fluctuations during this period:
- China’s imports declined by 1.64% to $18.87 billion.
- Bangladesh saw a 2.06% decrease to $14.60 billion.
- Turkey experienced a 6.76% decrease to $7.60 billion.
- India’s imports fell by 0.69% to $3.68 billion.
- Indonesia faced an 8.44% decline to $765.24 million.
In contrast, Cambodia showcased significant growth of 15.95% to $2.97 billion, while Pakistan rose by 8.69% to $2.76 billion and Morocco by 6.87% to $2.25 billion. These shifts in import numbers among suppliers indicate evolving dynamics in global supply chains, necessitating deeper exploration into price fluctuations and other factors influencing market share adjustments.
This month’s data shows a positive trend for the EU economy, indicating a strengthening economic landscape. The growth is not limited to the EU alone; it also extends to their purchasing power from Bangladesh. In September 2024, Bangladesh witnessed a significant increase in Ready-Made Garments (RMG) exports to the EU, with a notable surge of 6.9% to $1.62 billion compared to $1.51 billion in the corresponding month of the previous year. This upward trajectory underscores the promising outlook for further expansion and underscores Bangladesh’s pivotal position in the apparel market, especially during periods of stability or growth.
Author
Mohiuddin Rubel
Former Director, BGMEA & Additional Managing Director, Denim Expert Ltd.
