World textile & apparel trade dropped in 2019, says WTO
07 August 2020: According to the recent World Trade Statistical Review 2020, released by the World Trade Organisation (WTO), the world textile trade has decreased by 2.4 per cent year-on-year to $305 billion, while apparel trade dropped 0.4 per cent to $492 billion.
The top three textile exporters, China, the EU-28, and India, together accounted for 66.9 per cent of the world textile exports in 2019. With an increase of 8.3 per cent year-on-year, Vietnam overtook Taiwan as the seventh-largest textile exporter. China’s share increased to a record high 39.2 per cent in world textile exports, according to the WTO report which added that the top three apparel importers, EU-28, the US, and Japan, together bought 58.1 per cent of world apparel in 2019.
Reportedly, the top four apparel exporters – China, the EU-28, Bangladesh, and Vietnam – together contributed 71.4 per cent to world apparel market share last year. However, China’s share fell from 31.3 per cent in 2018 to 30.8 per cent last year.
World Trade Statistical Review 2020 looks into the latest trends in global trade, with an in-depth analysis of trade in goods and services and in value-added terms. It points to the major changes in recent years, highlighting the leading traders, the best-performing regions, the most traded goods and services, and the performance of least-developed countries. The publication also looks into the impact of COVID-19 on global trade and the outlook for 2020.
In his message, Roberto Azevêdo, Director-General of WTO said: “While the ongoing pandemic represents a dramatic break with nearly all recent economic trends, the fact remains that patterns in global trade offer useful insights for what the future may hold.”