Global trade of life jackets and life belts weakens

12 Mar '20

2 min read

Pic: Shutterstock

The global trade of life jackets and life belts has been declining since last year. Total trade dropped 4.02 per cent from 2017 to 2019, according to data from TexPro. The global trade of life jackets and life belts was $1,181.03 million in 2017, which moved down to $1,133.57 million in 2019. Total trade reduced 10.84 per cent in 2019 over the previous year.

Further the total trade is anticipated to slash to $1,002.33 million in 2022 with a rate of 11.58 per cent from 2019, according to Fibre2Fashion's market analysis tool TexPro.

The global export of life jackets and life belts was $711.10 million in 2017, which declined by 3.97 per cent to $682.86 million in 2019. Total exports diminished by 13.77 per cent in 2019 over the previous year and is expected to curtail to $604.69 million in 2022 with a rate of 11.45 per cent from 2019.

The global import value of life jackets and life belts was $469.93 million in 2017, which declined 4.09 per cent to $450.71 million in 2019. Total imports cut by 6.01 per cent in 2019 over the previous year and is expected to weaken to $397.64 million in 2022 with a rate of 11.78 per cent from 2019.

China ($398.00 million) and Poland ($48.63 million) were the key exporters of life jackets and life belts across the globe in 2019, together comprising 65.41 per cent of total export. These were followed by UK ($33.18 million), US ($24.17 million) and India ($15.18 million).

From 2015 to 2019, the most notable rate of growth in terms of export value, amongst the main exporting countries, was attained by Poland (117.37 per cent) and China (113.28 per cent).

US ($129.03 million) and UK ($32.34 million) were the key importers of life jackets and life belts across the globe in 2019, together comprising 35.80 per cent of total import. These were followed by France ($27.91 million), Canada ($24.76 million) and Spain ($21.14 million).

From 2015 to 2019, the most notable rate of growth in terms of import value, amongst the main importing countries, was attained by UK (88.76 per cent) and US (12.33 per cent).

Fibre2Fashion News Desk (JL)

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