Following a 3 per cent contraction in 2023, textile and apparel exports (T&A) by the European Union continued to decline in H1, 2024.
EU's apparel exports declined by 3 per centto €17.8 billion in H1 2024. The decline affected most regions, except Asia, where exports grew by 10 per cent to €4.8 billion, according to data from the French Fashion Institute (IFM). Despite an 18 per cent declined, Switzerland remained the top export destinationfollowed by the UK where apparel exports declined by 5 per cent and the USwhich recorded a 1 per cent drop in apparel exports.
EU’s apparel exports to China increased by 21 per cent, while Hong Kong recorded an 11 per cent increase. Other notable markets which registered a growth in apparel exports included Macau, where exports grew by 28 per cent and the UAE which recorded an 18 per cent rise in exports. However, EU’s apparel exports to Singapore fell by 23 per cent, Canada by 16 per cent, and Australia by 16 per cent.
Meanwhile, EU’s textile exportsdropped by 4 per cent in H1 2024. The US remained the leading textiles market with a nominal 1 per cent decline in exports. This was followed by the UK where exports dropped by 11 per cent and China which registered a 14 per cent rise in exports. Textiles exports to India grew significantly by 36 per centwhile exports toVietnam grew by 20 per cent and exports to Russia plummeted by 27 per cent.
On the other hand, apparel imports by the EU fell by 6 per cent to €38.4 billion in H1,FY2024.Imports from the EU’s largest supplier, Asia, decreased by 5 per cent. Imports from Myanmar, Macedonia, Switzerland, and Tunisia each fell by 16 per cent, while Morocco’s imports remained stable. In contrast, imports from Egypt and the USrose by 18 per cent and 8 per cent, respectively.
Textiles imports by the EU also dropped by 8 per centto €15.6 billionin H1 2024. Imports from Asia fell by 8 per cent while imports from Israel declined by 31 per cent, from Taiwan by 22 per cent and from South Korea by 20 per cent. Serbia and Morocco were the only top 20 sourcing countries to report growth in textiles imports during the period.
