EU Apparel Imports Decline by 7.44% in First Seven Months of 2023
28 September 2023, Mumbai
The latest apparel import data from the European Union (EU27) for the period of January-July 2023 shows a decline of 7.44% in value and 12.80% in quantity compared to the same period of 2022.
This decline is seen across all of the top ten apparel supplying countries to the EU, including Bangladesh, China, Turkey, India, and Vietnam.
What is what
The decline in EU apparel imports is likely due to a combination of factors, including the war in Ukraine, rising inflation, and supply chain disruptions.
The war in Ukraine has led to increased uncertainty in the global economy and has caused energy and commodity prices to rise. This has put upward pressure on inflation, which has eroded consumer purchasing power. Supply chain disruptions have also made it more difficult for apparel exporters to get their products to market.
Data points; Bangladesh, one of the top three apparel exporters to the EU, experienced a relatively higher decline in imports during the January-July 2023 period. EU's import from Bangladesh dropped by 11.73% in dollar value and 14.50% in quantity. This is likely due to a combination of factors, including the war in Ukraine, rising inflation, and higher energy and production costs in Bangladesh.
Caution is the watchword
The impact of these factors is likely to continue in the coming months, and it is important for apparel exporters to adapt and diversify their markets in order to mitigate the risks.
Exporters can also focus on developing new products that meet the changing needs of consumers and on reducing costs and improving efficiency.
