The European Union's (EU) apparel imports have suffered a decline in the first two months of 2023, dropping by $322 million or 2.03% compared to the same period last year.
However, China remains the EU's top supplier of apparel, providing 26.27% of the bloc's total apparel imports. Despite this, clothing imports from China fell by 13.11% year-on-year to $4.08 billion. On the other hand, apparel imports from Bangladesh, the EU's second-largest supplier, increased by 5.47% year-on-year, or $183 million.
The average price of imported garment items in the EU increased, with different countries witnessing varying price hikes. The average price increased by 8.97% to $24.88 per kg. The unit price of garment items produced in Bangladesh increased by 8.75% year-on-year in the January-February period. China saw the lowest price hike for its clothes in the EU with a 3.97% increase, while Indonesia witnessed the highest with 22.97%. Meanwhile, the price of apparel from Turkey saw growth of 13.95%, Vietnam 13.01%, Cambodia 12.05%, India 9.16%, and Morocco 7.78%.
This trend in the EU's apparel imports highlights the constantly evolving global market and the importance of adapting to changing economic conditions.
By Fashionating World