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EU’s T&A exports continue to decline in Q1, FY24

  

After surpassing pre-crisis levels in 2022 and stagnating in 2023, EU’s exports of textiles and clothing continued to decline in the first quarter of 2024. Imports also slowed, although not as drastically as the previous year.

Clothing exports from the region fell by 4 per cent, amounting to €9.3 billion, according to customs figures processed by the InstitutFrançais de la Mode. This decline did not impact Asia, as the European Union increased its shipments to the region by 12 per cent, while shipments to the Mediterranean dropped by 9 per cent.

Imports by EU's largest customers, including Switzerland, the United Kingdom, and the United States, declined during the quarter. However, exports to China, Hong Kong, and Macao rose, with Japan remaining stable. Clothing exports to United Arab Emirates, Ukraine, and Vietnam also increased during the quarter.

On the other hand, textile exports from the region declined by 6 per cent to €6.6 billion. Exports to Asia increased by 11 per cent during the Jan-Mar’24 period. The United States reported a 3 per cent decline in exports, the United Kingdom registered a 13 per cent decline while exports to China increased by 22 per cent. India reported a 38 per cent increase in imports from the EU, Vietnam 24 per cent, and the United Arab Emirates 18 per cent.

Clothing imports by the EU declined by 14 per cent during the quarter to €19.2 billion.Imports from China declined by 10 per cent while from Bangladesh by 21 per cent, Turkey 14 per cent and India 22 per cent. EU also noted a significant drop in imports from Myanmar, Indonesia and Switzerland.

Textile imports by EU decreased by 11 per centduring the quarter to €7.4 billion. Imports from Asia dropped 12 per cent, China 6 per cent, Turkey 6 per cent and Pakistan 18 per cent. However, Tunisia and Morrocco reported a minimal decline in exports to the EU with imports from Tunisia declining by just 1 per cent while imports from Morocco rose by 1 per cent.

 
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