EU’s import growth in July 2022 compared to July last year was 22.7% from the world and 36.9% from Bangladesh
The European Union’s (EU) apparel import from Bangladesh increased 43.38% to $13.15 billion during the January-July period of this year, as per the latest apparel import statistics by the European Statistical Office – Eurostat.
According to Eurostat, EU’s global apparel imports grew by 24.74% during the period. EU’s apparel import from the world stood at $56.33 billion.
The EU’s import growth in July 2022 compared to July last year was 22.7% from the world and 36.9% from Bangladesh.
Meanwhile, the union’s clothing imports from China reached $14.93 billion in the same period with 23.52% year-over-year growth.
Other countries having significant growth are – Cambodia 41.50%, Pakistan 28.05%, Indonesia 30.86%, Vietnam 22.78%, and Morocco at 16.67%.
The import figure of the EU shows a significant growth trend which is primarily propelled by increased demand following the Covid-19 pandemic and increased raw material costs.
Due to the recent geopolitical tensions, retailers are struggling to adapt to an increasingly inflationary global market.
The retail sales of many European brands have declined which increased their inventory stock.
Given the challenges in the global economy, EU’s imports may start slowing down in the final quarter of the year.