Bangladesh’s apparel exports to EU rise 3.1 per cent in August, yet imports dwindle

Bangladesh’s apparel exports to the EU had a little increase of 3.1 per cent in August 2024, amounting to US $ 1.72 billion. Compared to the same month last year, a surge in knitwear and woven garment exports drove this gain. Exports of knitwear increased 1.4 per cent to US $ 1.08 billion in August, while exports of woven clothing increased 6.2 per cent to US $ 648.92 million, up from US $ 611.19 million in August 2023.

Bangladesh’s overall clothing exports to the EU during the first eight months of the year showed a worrying trend, declining by 3.51 per cent, despite the positive uptick in August. Exports dropped from US $ 13.3 billion in 2023 to US $ 12.83 billion throughout this time. Notably, exports of knitwear fell 6.51 per cent to US $ 7.51 billion, while exports of woven clothing increased 1.05 per cent to US $ 5.33 billion.

Between January and August 2024, the EU’s total garment imports fell 3.63 per cent to US $ 58.95 billion from US $ 61.16 billion during the same period the previous year. The global drop in clothing consumption is reflected in this wider decline.

During this period, major suppliers such as China, Turkey, India, and Vietnam all experienced declines in exports. Exports from China decreased 4.11 per cent to US $ 15.51 billion, while exports from Turkey decreased 7.51 per cent to US $ 6.8 billion. Vietnam’s and India’s clothing exports to the EU fell by 2.11 and 2.67 per cent, respectively.

Stakeholders will be closely monitoring the changing environment of EU apparel imports in the face of growing competition and changing consumer tastes as Bangladesh continues to negotiate these altering dynamics in global supply chains.