07 July 2023, Mumbai
Based on EUROSTAT data, the EU's apparel imports from the world have dropped by 7.62% during January-April 2023 compared to the same period in 2022, totaling US$29.83 billion.
EU's apparel imports from the world decreased
Quantity-wise, the EU's clothing imports have experienced a significant downturn of 15.45%.
Winners
Among the top ten sourcing countries for EU apparel, Vietnam and India have exhibited positive growth, while imports from other countries have declined considerably.
Losers
Regarding EU apparel imports from Bangladesh, there has been a 6.25% decline in dollar value, totaling US$7.06 billion in January-April 2023 compared to US$7.53 billion during the corresponding period in 2022. In terms of quantity, imports from Bangladesh have also decreased by 12.48% during this period.
EU's imports from China have dipped by 17.07% in dollar value and 21.05% in quantity. Similarly, during January-April 2023, the EU's imports from Turkey, the third-largest apparel source, have declined by 13.68% in value and 24.66% in quantity.
On the other hand, the EU's imports from India and Vietnam have experienced slight growth of 0.45% and 3.41%, respectively, in value terms. However, in terms of quantity, imports from both countries have declined by 8.17% and 7.26%, respectively.
Datapoints
Simultaneously, the EU's imports from other top sourcing countries such as Cambodia, Pakistan, Morocco, Sri Lanka, and Indonesia have decreased by 5.59%, 7.52%, 16.61%, 17.16%, and 7.99%, respectively, in value terms.
Devil lies in details
Analyzing the unit price (USD value/kg), the EU's cumulative unit price of imports from Bangladesh has increased by 7.12% (from US$16.98 to US$18.19).
This rise reflects higher raw material and production costs, indicating progress towards the higher price segment. Average unit prices of imports from other countries have also risen during the mentioned period.
CREDITS: BGMEA Press Release.
