EU’s official data source ‘EUROSTAT’ released the latest apparel import statistics of the European Union (except the U.K.) for the period of January-May, 2022. BGMEA has compiled the data and I am sharing with you a few analyses and comparison on EU’s import from Bangladesh and other top sourcing countries in the world.
As per the statistics, EU’s imports from world during January-May, 2022 increased by 24.37%, which worth USD 39.80 billion. Import from Bangladesh during the same period of time increased by 44.95%, and reached USD 9.58 billion compared to the same period of 2021. Such a high growth has happened due to slowdown in import in 2021.
With 24% share of EU’s total apparel import, Bangladesh remains the second largest source of clothing imports for EU. China retains its top position with a marginal distance from Bangladesh, i.e. 25.6% share of EU’s global import. EU imported USD 10.19 billion worth of clothing from China during the first five months of 2022 while the year-on-year growth was 20.67%. Turkey ranks third having 12.69% share, and import grew by 20.70% during the mentioned period. EU’s imports from Turkey reached USD 5.04 billion during the mentioned period.
Other countries having significant growths were Cambodia 32.68%, Pakistan 29.28%, Indonesia 25.36%, Vietnam 22.34%, and Morocco 20.05%.
So far the import figure of the EU indicates a relatively stronger position for Bangladesh as far as growth is concerned, however due to the record high inflation in EU (8.9% in July), consumer spending and retail sales is being affected. The energy crisis and price is feared to get worsened during winter. EURO continues to depreciate and almost leveled off with US dollar. IMF predicts EU’s economic growth will slow down from 5.4% in 2021 to 2.6% in 2022. This pertains to a highly volatile market situation, and we need to remain cautious while being optimistic.