The industry association European Apparel and Textile Confederation (Euratex) sees the textile industry in the European Union (EU) under “greater global pressure than ever before”. In view of the significant increase in imports, especially from China and Bangladesh, the trade deficit in the industry will have grown to around 70 billion euros in 2022, the organization said on Wednesday.
Last year, the total value of textile products imported into the EU rose by 30 percent to 138 billion euros, the association said, citing its current study “Euratex Spring Report”. The corresponding exports from the EU, on the other hand, only increased by 15 percent to 67 billion euros.
The sharply rising deficit is “cause for concern,” emphasized Euratex in a statement. The EU strategy of making the industry more resilient and achieving “strategic autonomy” is not being implemented. Instead, the dependency on imports has continued to grow and is now “reaching a critical level for certain raw materials and fibers”. In view of this development, the association called for “greater support” from the EU to balance the trade balance and promote European companies.