Europe is witnessing a downward trend in the trade of industrial textiles due to a decrease in industrial activities in Europe.
According to TexPro, the continent is facing the disastrous impact of the Russia-Ukraine conflict and upheaval on the business front and the import-export of industrial textiles has seen a steep fall in the second quarter of this year.
Europe’s exports of industrial textiles declined to $1.776 billion in the second quarter of this year.
The exports were $2.429 billion in the first quarter of 2022.
In 2021, the region exported industrial textiles worth $2.518 billion in the second quarter, $2.344 billion in the third quarter, and $2.429 billion in the fourth quarter.
Monthly export figures for industrial textiles dropped sharply to $176.142 million in June 2022 from $806.275 million in May 2022.
The exports further declined to $26.321 million in July this year.
A similar trend was witnessed in imports of industrial textiles too, which are imported into Europe for other industrial sectors.
The imports declined to $1.544 billion in the second quarter of this year from $2.092 billion in the first quarter of 2022. In 2021, they were at $2.138 billion in the second quarter, $2.003 billion in the third quarter, and $2.053 billion in the fourth quarter.
Europe’s monthly imports of industrial textiles fell to $211.368 million in June 2022 from $692.706 million in May 2022. The imports stood at $61.783 million in July this year, as per TexPro.
The impact of the Russia-Ukraine war was not so severe in the initial months of the war.
However, Russia’s decision to reduce gas supplies to Europe in recent months has affected the continent’s industrial activities.
The scarcity of gas and other energy products has disrupted not only economic activities but also the normal life of average Europeans.