In the first half of this year, the global economic recovery momentum was better than expected, the consumption of developed economies in the United States and Europe has been resilient, and the trade blocking effect of the Red Sea crisis has diminished, leading to the accelerated repair of global industrial chain and supply chain, and trade activities have picked up slightly. The manufacturing industry of the world's major emerging textile and garment suppliers has maintained a good growth momentum, and the overall textile and garment trade has remained stable. Specifically, Vietnam, Bangladesh, India and other Southeast Asian, South Asian countries textile and apparel trade improvement trend is more obvious, Turkey by the European market consumption reduction, domestic inflation pressure is difficult to ease and logistics, high energy costs and other factors, textile and apparel trade scale showed a slight decline.
Vietnam
Under the joint support of factors such as strong manufacturing growth, improving domestic income and picking up external demand, Vietnam's macro economy has achieved good growth since the beginning of this year, the supply side of the textile industry has gradually improved, and the textile and apparel trade has risen steadily. Vietnam Customs data show that from January to July 2024, Vietnam's exports of textiles and clothing to the world amounted to 22.81 billion US dollars, an increase of 6.1%, and the growth rate rose 21.3 percentage points from the same period last year. Among them, the export value of yarn was 2.54 billion US dollars, an increase of 3.5%, an increase of 24.3 percentage points over the same period last year; Fabric and clothing exports amounted to $20.27 billion, an increase of 6.3%, an increase of 20.8 percentage points over the same period last year. In terms of imports, consumer demand in the developed economies of the United States and Europe is relatively stable, driving the recovery of Vietnam's textile supply chain, and the overall demand for textile raw materials and intermediate products has rebounded. From January to July, Vietnam imported a total of 11.68 billion US dollars of textile and garment products from the world, an increase of 13.5%. Among them, the import amount of cotton, yarn and fabric was 1.72 billion US dollars, 1.52 billion US dollars and 8.44 billion US dollars, an increase of 2.7%, 23.1% and 14.2%, and the growth rate rose 24.7, 48.1 and 33 percentage points from the same period last year, respectively.
Bangladesh
Affected by social unrest and political instability, since the beginning of this year, Bangladesh's textile and garment industry has faced a series of risks and challenges such as factory closures, business disruptions, and disruption of some port operations, but under the support of preferential tariff policies in developed economies in Europe and the United States and the acceleration of the transformation of the local supply chain, the scale of textile and garment trade and trade resilience have increased. According to the Bangladesh Bureau of Statistics, from January to May, Bangladesh exported 19.54 billion US dollars of textile and apparel to the world, an increase of 13.4%, and the growth rate slowed down by 9 percentage points compared with the same period last year. Among them, the export of clothing products to the world was 19.12 billion US dollars, an increase of 13.5%, the growth rate fell 11.2 percentage points compared with the same period last year; Exports of textile products to the world amounted to 420 million US dollars, an increase of 5.9%, the growth rate rose 37.4 percentage points over the same period last year. In terms of imports, from January to May, Bangladesh imported raw cotton and textile fabrics from the world to a total of 1.56 billion US dollars, an increase of 31.6%, and a growth rate of 53.6 percentage points compared with the same period last year. Among them, the amount of raw cotton imported from the world was 1.54 billion US dollars, an increase of 30.5%, a growth rate of 52.7 percentage points higher than that of the same period last year; The amount of textile fabrics imported from the world was US $20 million, an increase of 179.9%.
India
Benefiting from the closer economic and trade relations with the United States and the small return of export orders driven by the turmoil in neighboring countries, India's textile and garment trade has shown a more positive growth trend this year. Indian Ministry of Commerce and Industry data show that from January to July this year, India's textile and garment exports amounted to $20.27 billion, an increase of 3.9%. The exports of major categories of products grew steadily. The exports of cotton products (including yarns, fabrics and finished products), clothing and carpets were $6.89 billion, $9.52 billion and $850 million, up 5.4%, 3.7% and 13.3%, respectively. The export value of chemical fiber products was 2.82 billion US dollars, unchanged from the same period last year; Affected by the lack of demand, the export amount of hemp products was only 190 million US dollars, a decrease of 13.6%. In the 2024/25 fiscal year that started in April (that is, from April to July 2024), India's textile and apparel exports amounted to $11.18 billion, an increase of 4.3% year-on-year. From the import point of view, from January to July, India's global imports of textile yarns, fabrics and finished products totaled 1.29 billion US dollars, an increase of 0.8%, of which the cumulative import amount since the 2024/25 fiscal year was 760 million US dollars, an increase of 5.3%.
Türkiye
As a beneficiary of the adjustment of the global textile and garment supply chain layout and an important node that radiates the European market, Turkey's textile and garment trade has been generally stable in recent years. However, affected by factors such as the reduction of European terminal consumption and domestic inflation, the scale of textile and garment trade declined slightly in the first half of this year. According to the data of the Turkish Statistics Bureau, in the first half of this year, Turkey exported a total of 15.16 billion US dollars of textile and garment products to the world, a decrease of 6.8%, and a decrease of 0.5 percentage points compared with the same period last year. Among them, the textile export value of 6.47 billion US dollars, down 2.3%; Garment exports amounted to $8.69 billion, down 9.9% year on year. In terms of imports, in the first half of the year, Turkey imported textile and garment products from the world to US $4.49 billion, a decrease of 7.4%. Among them, the scale of textile imports showed a more obvious decline, the import value in the first half of the year was only 2.75 billion US dollars, a significant decrease of 19.4%; Apparel imports were $1.74 billion, up 20.8 percent year on year.
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