EU’s apparel import from Bangladesh dropped by 11.73 per cent in dollar value (value i.e. to US $ 11.63 billion in January-July 2023 from US $ 13.18 billion in the corresponding period of 2022) during the first seven months of 2023 even as EU’s apparel import from Bangladesh is concerned, it also declined compared to other top sourcing countries.
Media reports claimed this while adding during the first seven months of 2023, apparel imports to the European Union (EU) from around the world also experienced a notable decline, registering a decrease of 7.44 per cent when compared to the same period in 2022. Consequently, the EU’s imports from global sources dropped from US $ 56.60 billion in January to July 2022 to US $ 52.38 billion in the corresponding months of 2023, as reported by official EU data.
In terms of quantity, measured in kilograms, the EU’s clothing imports also faced a substantial downturn of 12.80 per cent. This resulted in a decline from 2.49 billion kilograms in January to July 2022 to 2.17 billion kilograms in the equivalent period of 2023.
Remarkably, among the top ten apparel-supplying countries to the EU, all of them exhibited negative growth in both value and quantity. Specifically, the quantity of apparel imports in kilograms decreased by 14.50 per cent during this period, falling from 774.88 million kilograms in January to July 2022 to 662.56 million kilograms in January to July 2023.
Detailed data highlights that the EU’s imports from China, its primary sourcing country, experienced a decline of 10.88 per cent in dollar value, dropping from US $ 14.89 billion in January to July 2022 to US $ 13.28 billion in the equivalent months of 2023. In terms of quantity, there was a corresponding decline from 624.29 million kilograms to 558.20 million kilograms, representing a 10.59 per cent decrease.
During the January to July 2023 period, imports to the EU from Turkey, the third-largest apparel source, declined by 10.60 per cent in terms of value, decreasing from US $ 7.15 billion in January to July 2022 to US $ 6.39 billion in January to July 2023. In terms of quantity, measured in kilograms, there was a substantial decrease of 22.52 per cent, dropping from 273.63 million kilograms to 212 million kilograms.
Simultaneously, imports from India and Vietnam experienced a decline of 5.79 per cent and 1.84 per cent, respectively, during the same period. Furthermore, in terms of quantity, both countries saw significant declines of 11.49 per cent and 8.99 per cent, respectively.
