Business Report :
The European Union’s apparel imports saw a 3.63% decline from January to August 2024 compared to the same period in 2023, reflecting a broader global trend of reduced apparel consumption.
According to the latest data, total imports dropped from $61.56 billion to $59.32 billion.
Bangladesh, one of the leading apparel suppliers to the EU, experienced a 3.53% 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.
China, the largest exporter to the EU, saw its apparel imports decrease by 4.10% to $15.62 billion. Other key suppliers like Turkey and India also faced declines, with Turkey’s exports down by 7.52% to $6.84 billion and India’s down by 2.73% to $3.34 billion. Vietnam reported a 2.09% decrease, with exports totaling $2.65 billion.