27 February 2023, Mumbai
EU apparel imports trade data
EU's apparel imports pie quick breakdown from a bunch of countries such as Bangladesh, China, Turkey, India, Cambodia, Vietnam, Pakistan, Morocco, Sri Lanka, and Indonesia.
Heartening to notice that notwithstanding the cloudy global economic outlook and fears of recessionary concerns around the EU, the EU's imports of apparel have only risen from a range of countries during the period of January-November 2022.
Only corroborating what today's ET report mentions quoting the IMF chief rather optimistically," In the larger context world has started to see economy showing palpable signs of global growth having bottomed out against the backdrop of inflation having come off the boil which bodes well".
Amongst the key findings is Bangladesh's apparel exports to the EU have clocked considerable growth traction of 38.39% Vs the corresponding period in 2021, as Bangladesh continues to consolidate its global position as a sourcing destination for the EU.
Little wonder, China remains the largest apparel supplier to the EU, well followed by Bangladesh and Turkey. Notably, the EU's imports from India have also risen overwhelmingly, mirroring how India is firming up its potential as a preferred sourcing destination for apparel.
Again, what is noticeable is EU's imports from many other countries have also shown positive growth during the aforementioned period countries as Cambodia, Vietnam, Pakistan, Morocco, Sri Lanka, Indonesia, etc.
Sum and substance
Not going away the fact that prevailing concerns about inflation and geopolitical tensions stay and cannot be resolved in a hurry affecting global consumption and discretionary spending and impacting the clothing market, and leaves sectors to fend for themselves in how respective sectors take it in their stride & respond to these challenges moving ahead.
