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Recessionary trends in US & EU affect exports
16
Aug '08
The US market is the largest export destination for all textile and apparel goods and accounts for a quarter of the world's total exports, a third of which comes from China. Though exports from China to the US have dipped in the current year, it still has a substantial chunk. Again exports from Asia account for nearly 60 percent of all shipments.

Recently released statistics for the month of May-2008 for imports in to the US, show that China shipped goods worth US $7.25 billion compared to $7.71 in the same period of 2007 resulting in a dip of 5.96 percent.

Corresponding figures of imports for Bangladesh are $1.34 billion and $1.26 billion, Sri Lanka $603.11 million and $670.56 million, Pakistan $550.95 million and $550.95 million in May-08 and May-07 respectively. Imports from Bangladesh saw a growth of 5.92 percent, Sri Lanka a negative growth of 11.11 percent and Pakistan displayed a flat growth in the period under consideration.

The dipping import figures in 2008 compared to those in 2007 are a pointer to the recession in the US markets.

Imports in to the European Union also showed trends similar to the one in US where most of the countries exporting to the EU displayed either low or negative growth rates. China with the highest exports to the 27 member strong EU shipped goods worth Euro 5.70 billion in May-08 compared to Eu5.74 billion in May-07, a miniscule negative growth of 0.70 percent, but a dip nevertheless compared to high growth figures of 2007.

Bangladesh on the other hand also exhibited a growth, albeit marginal of just 0.62 percent. Shipments from that country reached Eu1.12 billion in contrast to Eu1.16 billion in May-07. Imports from Pakistan touched Eu232.02 in May-08 versus Eu255.45 to post a negative growth of 14.34 percent.

The island country fared a little better than its competitor countries in Asia, by displaying a growth of 12.31 percent to reach a turnover of Eu276.98 million in May-08 corresponding to Eu242.95 in the same period of 2007.

Going by the above figures, it can be safely assumed that recessionary trends are also noticeable in the countries of the European Union. It will be uphill task for all the Asian tigers to maintain the growth rate of the previous years in 2008, if the situation continues to persist.

Click here to view detailed statistics

Fibre2fashion News Desk - India

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