In January 2024, apparel exports by Bangladesh to the European Union declined by nearly 34 per cent in value as consumer spending on clothing declined amidst an economic slowdown within the EU. 

Data released by Eurostat shows, in January this year, Bangladesh exported 33.92 per cent less apparels to the EU totaling a value of €1.19 billion compared to the previous year's €1.80 billion.

This downturn in demand wasn’t exclusive to Bangladesh alone, highlighted the exporters. It impacted all major RMG exporting countries including the United States and the EU, due to the economic repercussions of the Russia-Ukraine conflict, they added.  

Despite the challenging circumstances of 2023, exporters expressed optimism as demand for apparel began to pick up in Western markets, including the EU and the US. Consequently, export orders showed signs of increase in Bangladesh.

Overall apparel imports by the EU also declined by 22.91 per cent to €6.25 billion in January 2024 compared to € 7.9 billion in the same period last year. China remained the top apparel exporter to the EU, while Bangladesh and Turkey retained their positions as the second and third highest exporters respectively.

Specifically, EU’s apparel imports from Turkey decreased by 9.2 per cent to €827.70 million in January 2024 from €911.62 million in the same month of 2023. Imports from India and Vietnam also declined by 34.47 per cent to €270.72 million euro and 16.02 per cent to €296.49 million in January 2024 compared to the previous year.