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EU's garment imports from India at $5.4 billion, both eye on FTA

23 Jan '25
2 min read
EU's garment imports from India at $5.4 billion, both eye on FTA
Pic: Adobe Stock

Insights

  • Indian Minister Piyush Goyal and EU Commissioner Maros Sefcovic met to discuss a Free Trade Agreement, aiming for greater market access.
  • India's garment exports to the EU reached $5.410 billion in Jan–Oct 2024, with a 3.63 per cent share.
  • Despite some fluctuations due to Covid-19 and the Russia-Ukraine war, EU apparel imports totalled $192.397 billion in 2023.
Indian Minister of Commerce and Industry Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic recently met in Brussels and held an in-person discussion on the proposed Free Trade Agreement (FTA). Both sides are aiming to gain greater market access. In the textile and apparel segment, India is a major exporter of garments and other products. The European Union imported garments worth $5.410 billion from India in January–October 2024.

According to Fibre2Fashion's market insight tool TexPro, India’s share was 3.63 per cent of the total garment imports of $162.692 billion in the first ten months of 2024. The economic bloc had imported garments worth $192.397 billion in 2023. Of this, the imports from India were recorded at $5.915 billion, which accounted for 3.07 per cent of the total.

India has not been able to improve its presence in the European garment market in recent years. The EU’s imports from the partner nation were recorded at $5.655 billion in 2019. The inbound shipments dropped to $4.564 billion in 2020 but recovered to $5.377 billion in 2021 and further rose to $6.475 billion in 2022. However, trade declined to $5.915 billion in 2023.

The garment imports by the European Union were impacted by Covid-19 in 2020. However, they recovered and peaked in 2021 and 2022. The trade then slipped again due to economic concerns amid the Russia-Ukraine war, which led to higher energy costs and rising inflation, denting consumers’ purchasing power.

EU’s apparel imports totalled $172.239 billion in 2019. This dropped to $157.019 billion in 2020. However, the inbound trade recovered to $180.248 billion in 2021 and reached $205.901 billion in 2022. But the trade eased down to $192.397 billion in 2023, as per TexPro.

Fibre2Fashion News Desk (KUL)


This according to Fibre2Fashion's Market Intelligence Tool - TexPro

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