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European Union Garment Imports Climb 20.97% in 2022

Textile Insights August 7, 2023

In 2022, the European Union’s garment imports from the world climbed 20.97 percent to reach US $103.09 billion as against $85.23 billion in 2021 and which stood at $90.53 billion in 2018. Quoting EUROSTAT statistics, the Bangladesh Garment Manufacturers & Exporters Association (BGMEA) said

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Chinese Textile Exports Down 11 Percent In Jan-June 2023

Textile Insights August 5, 2023

In the first six months of 2023, Chinese textile exports like home textiles, yarns and fabrics totaled $67.69 billion, down 11 percent over the similar period in 2022. Chinese garment exports dipped slower at 6 percent to US $74.98 billion in the first half of 2023 as against $79.68 billion in the comparable months of […]

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Global Garment Trade Rises 7.26% In 2022

Textile Insights August 5, 2023

According to the World Trade Organisation (WTO), global garment trade rose 7.26 percent in 2022 and amounted to US $576 billion as against $537 billion in 2021. China is the largest supplier of apparel in the world while Bangladesh retains second spot and its market share climbed to 7.87 percent in 2022 as against 6.37 […]

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US Garment Imports Plunge 22.92% Between Jan-May 2023

Textile Insights August 2, 2023

US garment imports in the first five months of 2023 plunged 22.92 percent year on year, to US $31.51 billion as against $40.89 billion in January-May 2022. Between January and May 2023, volume wise data measured in Square Meter Equivalent (SME) sank 30.48 percent from a year ago period to 9.58 billion SMEs from 13.79 […]

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Global Textile Sector In Need Of Demand Revival

Textile Insights July 31, 2023

As the economy is expected to rebound in the United States followed by Europe, global textiles industry is in the need of demand revival. The past eighteen months has witnessed rocky economic climate showing anomalies such as high inflation, strong labour market and weak consumer demand. The textiles sector in India has been hit hard […]

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Bangladesh & India Start Trade In Indian Rupees

Textile Insights July 31, 2023

For the first time a Bangladeshi importer, Nita Company, imported 36 Tata Motors pickup vans worth Rs 1.23 crores by paying in Indian rupees at Benapole Land Port. The trade in Indian rupees was earlier inaugurated on July 11, by the Bangladesh Bank Governor Abdur Raof Talukder and Indian High Commissioner Pranay Kumar Verma. “The […]

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22 Countries Open Bank Accounts To Trade In Indian Rupee

Textile Insights July 28, 2023

Banks of 22 countries have opened Rupee Vostro accounts in Indian banks in order to trade in the Indian currency as part of gradual plan to veer away from dollar payment. “This would enable exporters and importers to invoice and pay in their respective domestic currencies enabling the development of a bilateral foreign exchange market,” […]

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Vietnamese Garment Exports Decline 17.6% In H1

Textile Insights July 26, 2023

Vietnamese garment exports declined 17.6 percent from a year ago period to US $18.6 billion in the first six months of 2023, mainly due to the global slowdown. According to the Vietnam Textile and Apparel Association (VITAS), the country had set an ambitious target of $40 billion for 2023. The average monthly wage for workers […]

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Australia Assures Bangladesh of Duty Free Status Post LDC

Textile Insights July 25, 2023

Tim Ayres, Australia’s Assistant Trade Minister gave an assurance that duty free access for Bangladeshi garments would continue, even after the country loses the perks of its least developed country (LDC) status in 2026. The Minister said this while meeting a delegation of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh’s high

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Goyal Discusses Roadmap To Achieve $100 Bn Exports By 2030

Textile Insights July 20, 2023

At a brainstorming session held with officials of the Ministry of Textiles, Minister for Textiles Piyush Goyal discussed the roadmap to achieve the target of $250 billion in textiles production and $100 billion exports by 2030. According to a PIB press release, at the Chintan Shivir, Piyush Goyal emphasised on holistic approach towards making the […]