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Global textile exports declined significantly in the first half of 2020
Global merchandise trade fell by 3% in 2019, and exports of garments and textiles also fell in the first quarter of 2020. According to data in the latest edition of the 'World Trade Statistics ReviewGlobal trade has been dragged down by political tensions and trade protectionist measures. Commodity trade is measured by the average value of imports and exports. In 2018, the global trade volume grew by 10.2% and fell by 3% in 2019. The merchandise trade volume of the least developed countries fell by 2% in 2019. The report pointed out that due to the economic slowdown and weak demand, which have had a serious impact on the textile and garment manufacturing industries, exports of these commodities have stagnated in 2019. China is still the world's largest garment exporter in 2019, with an export value of US$152 billion, but its market share in the global market has dropped by 4% to 30.8%. The EU countries ranked second, with the market share remaining unchanged at 27.6%, and the export value reached 136 billion U.S. dollars. Bangladesh became the world's third largest garment exporter in 2019, with a market share of 2% to 6.8% and an export value of US$34 billion. Vietnam and India ranked fourth and fifth with growth of 6.2% and 3.5% respectively. In terms of garment imports, the European Union is the largest garment importer, followed by the United States, Japan, the United Kingdom and Hong Kong. However, preliminary data show that in the first quarter of 2020, trade in manufactured goods shrank by 9% and apparel exports fell by 12%. The data also shows that in April 2020, global demand for ready-made garments decreased by 37% compared with the same period last year. The cancellation of export orders for ready-to-wear garments has seriously affected suppliers that specialize in manufacturing services in the apparel industry. In Bangladesh, clothing accounted for 33% of total exports. The amount of cancelled orders in April reached US$3.18 billion, which was 81% less than the value of exports in April 2019. Roberto Azevêdo, Secretary-General of the World Trade Organization, said: The new crown pneumonia pandemic has caused the worst economic recession in human life. Output has plummeted, unemployment has risen, and trade has been severely damaged by the shock of supply and demand. The key challenge for policymakers is that as the health crisis subsides, a strong, sustainable and inclusive policy approach is required to lay the foundation for economic recovery. The right decisions to guide the global economy towards recovery will require reliable data.
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