The European Union's (EU) apparel import performance for the period of January to May 2023 has seen a decline of 8.84% in value, reaching US$36.31 billion compared to US$39.83 billion in the same period in 2022. The quantity of clothing imported by the EU has also decreased by 16.54%, from US$1.75 billion to US$1.46 billion.
Bangladesh continues to hold its position as the second-largest apparel import source for the EU, with a 23.32% share of the total import from 26 EU member countries. China remains the top supplier with a 23.67% share. Interestingly, in terms of quantity, Bangladesh has already surpassed China and maintained its leading position.
However, both Bangladesh and China experienced declines in their apparel exports to the EU during the mentioned months of 2023. Bangladesh's import value decreased by 11.59%, while China's declined by 15.25%.
The overall trend in EU's apparel imports shows negative growth for all top ten sourcing countries, indicating a challenging retail business and economic scenario. Despite the downturn, Bangladesh is making strides in diversifying its products and moving towards sophisticated items, reflected in the rise of unit prices.
By Fashionating World