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.

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.

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.

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