Europe’s home textile imports from China have been going downhill since June 2022, media reported citing TexPro.
The monthly imports fell more than 75% in just four months. Europe’s home textile imports were $717.853 million in May 2022, which crashed to $147.030 million in September 2022.
Europe is facing economic adversities since the Russia-Ukraine war began.
The imports have continued to fall since June 2022 when they slipped to $689.193 million from $717.853 million in May 2022.
It further slipped to $633.555 million in July, $246.293 million in August and $147.030 million in September 2022.
The imports recorded a steep fall during the last two months. The imports peaked in January 2022 to $911.960 million and declined to $794.245 million in February, $876.088 million in March and $674.310 million in April 2022, according to TexPro.
It was exciting to see that the pandemic was the best time for home textiles for China and the world. Europe’s imports had multiplied to $33.755 billion in 2020 from $7.218 billion in 2019 before falling to one-third of the number in 2021 to reach $11.476 billion. But it was still higher than the pre-COVID levels, as per data obtained from TexPro.
The region imported home textiles worth $5.690 billion during the first nine months of the current year. But they may not touch last year’s figures of last year as the monthly imports are declining.
China was the favorite sourcing destination of Europe due to low prices and reliable supplies and the continent is the most affected region by the Russia-Ukraine war. A steep rise in crude oil and other energy derivatives has disrupted the economic activities in Europe.