In the first half of this year, the global economic recovery was better than expected. Consumption in developed economies in the United States and Europe was resilient, and the trade blocking effect of the Red Sea crisis faded. This accelerated the repair of global industrial and supply chains, and trade activities picked up slightly. The manufacturing industry of the world's major emerging textile and apparel supplier countries maintains good growth momentum, and the overall textile and apparel trade remains stable. Specifically, the improvement in textile and apparel trade in Southeast Asian and South Asian countries such as Vietnam, Bangladesh, and India is more obvious. Turkey's textile and apparel trade has been affected by factors such as shrinking consumption in the European market, difficulty in alleviating domestic inflationary pressures, and high logistics and energy costs. The scale showed a slight decline.
Vietnam
Under the joint support of factors such as strong growth in the manufacturing industry, improvement in domestic residents' income, and recovery in external demand, Vietnam's macroeconomy has achieved good growth this year, the supply side of the textile industry has gradually improved, and textile and apparel trade has increased steadily. Vietnam Customs data shows that from January to July 2024, Vietnam exported textiles and clothing to the world worth US$22.81 billion, a year-on-year increase of 6.1%, and the growth rate rebounded by 21.3 percentage points from the same period last year. Among them, the export value of yarn was US$2.54 billion, a year-on-year increase of 3.5%, and the growth rate was 24.3 percentage points higher than the same period last year; the export value of fabrics and clothing was US$20.27 billion, a year-on-year increase of 6.3%, and the growth rate was 20.8% higher than the same period last year. percentage points. In terms of imports, consumer demand in developed economies in the United States and Europe is relatively stable, driving the accelerated recovery of Vietnam's textile supply chain, and an overall rebound in demand for textile raw materials and intermediate products. From January to July, Vietnam imported textile and clothing products from the world totaling US$11.68 billion, a year-on-year increase of 13.5%. Among them, the import value of cotton, yarn and fabrics was US$1.72 billion, US$1.52 billion and US$8.44 billion respectively, a year-on-year increase of 2.7%, 23.1% and 14.2% respectively. The growth rate rebounded by 24.7, 48.1 and 33 percentage points respectively from the same period last year. .
Figure 1: Changes in the cumulative year-on-year growth rate of Vietnam’s textile and apparel product exports
Figure 2: Changes in the cumulative year-on-year growth rate of Vietnam’s textile and apparel product imports
Bangladesh
Affected by social unrest and unstable political situation, Bangladesh's textile and garment industry has faced risk challenges such as factory closures, business disruptions, and some port operations interruptions since this year. However, with the support of preferential tariff policies of developed economies in Europe and the United States and the accelerated transformation of local supply chains, Under the support, the scale and trade resilience of textile and apparel trade have increased simultaneously. According to data from the Bangladesh Bureau of Statistics, the value of Bangladesh's textile and apparel exports to the world from January to May was US$19.54 billion, a year-on-year 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 value of clothing products to the world was 19.12 billion US dollars, a year-on-year increase of 13.5%, and the growth rate was 11.2 percentage points lower than the same period last year; the export value of textile products to the world was 420 million US dollars, a year-on-year increase of 5.9%, and the growth rate was 11.2 percentage points lower than the same period last year. It rose by 37.4 percentage points over the same period. In terms of imports, from January to May, Bangladesh imported raw cotton and textile fabrics from the world totaling US$1.56 billion, a year-on-year increase of 31.6%, and the growth rate rebounded significantly by 53.6 percentage points from the same period last year. Among them, the amount of raw cotton imported from the world was US$1.54 billion, a year-on-year increase of 30.5%, and the growth rate was 52.7 percentage points higher than the same period last year; the amount of textile fabrics imported from the world was US$20 million, a year-on-year increase of 179.9%.
Figure 3: Changes in the monthly year-on-year growth rate of Bangladesh’s textile and apparel product exports
Figure 4: Changes in the monthly year-on-year growth rate of Bangladesh’s textile and apparel product imports
India
Benefiting from closer economic and trade relations with the United States and the turmoil in neighboring countries, which has led to a slight return of export orders, India's textile and apparel trade has shown a relatively positive growth trend this year. According to data from the Indian Ministry of Commerce and Industry, India's textile and apparel exports from January to July this year were US$20.27 billion, a year-on-year increase of 3.9%. Exports of major categories of products grew steadily. The export amounts of cotton products (including yarn, fabrics and finished products), clothing and carpets were US$6.89 billion, US$9.52 billion and US$850 million respectively, up 5.4%, 3.7% and 850 million respectively year-on-year. 13.3%; the export value of chemical fiber products was US$2.82 billion, the same as the same period last year; due to insufficient demand, the export value of hemp products was only US$190 million, a year-on-year decrease of 13.6%. In the 2024/25 fiscal year that started in April (i.e. April to July 2024), India's textile and apparel exports were US$11.18 billion, a year-on-year increase of 4.3%. From the perspective of imports, India imported textile yarns, fabrics and finished products from the world from January to July totaling US$1.29 billion, a year-on-year increase of 0.8%, of which the cumulative import value since the 2024/25 fiscal year is US$760 million, a year-on-year increase 5.3%.
Figure 5: Changes in export value of major categories of textile and apparel products in India
Türkiye
As a beneficiary of the layout adjustment of the global textile and apparel supply chain and an important node radiating the European market, Türkiye's textile and apparel trade scale has been generally stable in recent years. However, affected by factors such as the reduction in European terminal consumption and domestic inflation, the scale of textile and apparel trade declined slightly in the first half of this year. According to data from the Turkish Statistics Bureau, in the first half of this year, Turkey exported textile and clothing products to the world totaling US$15.16 billion, a year-on-year decrease of 6.8%, and the decline narrowed by 0.5 percentage points compared with the same period last year. Among them, the export value of textiles was US$6.47 billion, a year-on-year decrease of 2.3%; the export value of clothing was US$8.69 billion, a decrease of 9.9% year-on-year. In terms of imports, Türkiye imported US$4.49 billion in textile and apparel products from around the world in the first half of the year, a year-on-year decrease of 7.4%. Among them, the scale of textile imports showed a relatively obvious decline. In the first half of the year, the import volume was only 2.75 billion US dollars, a significant decrease of 19.4% year-on-year; the clothing import volume was 1.74 billion US dollars, a year-on-year increase of 20.8%.
Figure 6: Türkiye’s textile and apparel exports in the first half of 2024
