According to Eurostat data published for January-June ’22 period, EU apparel imports from Bangladesh increased by 44.60% over the same period last year, while their global imports increased by 25.03%. EU imports from Bangladesh reached $11.31 billion, the second highest after China.
EU imported $12.22 billion worth apparel from China during the mentioned time and registered 21.78% year-over-year growth whereas Turkey registered 20.38% year-over-year growth and exported $10.89 billion worth of clothing to EU.
Other top countries with high growth are Cambodia 40.15%, Pakistan 32.28%, Indonesia 28.64% and India 24.90%.
According to industry insiders, the surge in EU imports was mainly due to the recovery from the pandemic and an increase in retail sales as a result of increased shopping by consumers. However, the upward trend may not sustain as European brands have been hit hard by the recent Russia-Ukraine war and higher inflation rates.
Md. Mohiuddin Rubel, Director, BGMEA said, “we observed that Bangladesh’s total export maintained significant growth until August 2022, which means EU’s imports from Bangladesh might keep on positive trend till September, and may falter afterwards as retail sales is already affected by economic turmoil and buyers being cautious about overstock and current production.”
However, this is a short-term problem. We are optimistic that the recession will not last long. Although we may have to suffer one season. But it should pick-up by November-December or January. Even if the order decreases, there will be new buyers. Projections for the next season have been good with increased volumes, opined the industry leaders.