Global textile exports declined significantly in the first half of 2022

Global merchandise trade fell by 3% in 2019, with exports of apparel and textiles falling with it heading into the first quarter of 2020. According to the latest version“World Trade Statistics Review”According to the data in 2018, global merchandise trade volumes fell slightly by 0.1% in 2019 after a 2.9% increase in 2018. Global trade has been weighed down by political tensions and protectionist measures. Merchandise trade, measured by the average value of imports and exports, grew by 10.2% in 2018 and fell by 3% in 2019. Merchandise trade in the least developed countries fell 2% in 2019. The report noted that exports of these commodities stagnated in 2019 as the economic slowdown coupled with weak demand had a severe impact on the textile and apparel manufacturing sector. In 2019, China was still the world's largest exporter of ready-made garments, with an export value of US$152 billion, but its market share in the global market fell by 4% to 30.8%. The EU countries came in second, with the market share remaining unchanged at 27.6%, with an export value of $136 billion. Bangladesh became the third largest exporter of ready-made garments in the world 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, growing by 6.2% and 3.5% respectively. In terms of garment imports, the EU is the largest garment importer, followed by the US, Japan, the UK and Hong Kong. But preliminary data showed trade in manufactured goods contracted by 9% in the first quarter of 2020, and apparel exports by 12%. The data also showed that global demand for ready-to-wear clothing fell by 37% in April 2020 compared to the same period last year. Garment export orders have been cancelled, severely affecting suppliers specializing in manufacturing services in the apparel industry. In Bangladesh, which accounted for 33% of total exports, cancelled orders in April amounted to $3.18 billion, 81% less than April 2019 exports. World Trade Organization Secretary-General Roberto AzevêDo said: The new crown pneumonia pandemic has caused the worst economic recession in human life. Output has plummeted, unemployment has climbed, and trade has been wreaked havoc by supply and demand shocks. The key challenge for policymakers is a strong, sustainable and inclusive policy approach to lay the groundwork for economic recovery as the health crisis recedes. The right decisions to steer the global economy toward recovery will require reliable data.

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