Compared to the same period in 2023, apparel imports by the European Uniondeclined by 3.63 per centduring Jan-Aug’24 period as global slowdown hit apparel consumption.
A key apparel supplier to the EU, Bangladesh registered a 3.53 per cent decline in exports with shipments falling to $12.91 billion, according to Mohiuddin Rubel, Director, BGMEA. This decline aligns with the overall reduction in EU apparel demand but raises concerns about evolving dynamics in global supply chains.
EU’s largest apparel supplier, China witnessed a 4.10 per cent dip in apparel exports with shipments contracting to $15.62 billion. Exports by other major suppliers likeTurkeydeclined by 7.52 per cent to $6.84 billion. India’s apparel exports fell by 2.73 per cent to $3.34 billion, while Vietnam’s shipments declinedby 2.09 per cent to $2.65 billion.
In contrast, apparel exports by Cambodiaincreased by 12.78 per cent. Pakistan's apparel exports to the EU also expanded by 7.3 per cent while Morocco's exports rose by 6.09 per cent, indicating a potential shift in sourcing preferences within the global apparel market.
These varied performances among key suppliers suggest subtle but significant changes in global apparel supply chains as countries like Cambodia, Pakistan, and Morocco emerge as resilient players.
