The Russia-Ukraine war resulted in increased crude oil prices, driving inflation globally, particularly in the US and Europe. The war significantly impacted Europe, leading major brands to reduce their purchases due to decreased retail sales. Consumers have less disposable income for discretionary products like clothing, home textiles, and fashion items. The surge in demand for home textiles during the pandemic also contributed to the subsequent slowdown in the following years.
According to Fibre2Fashion's market insight tool TexPro, European home textile imports nearly doubled to $61.375 billion in 2020 from $32.296 billion in 2019 but decreased to $40.408 billion in 2021. The import value further declined to $33.4 billion in 2022, reaching levels similar to pre-pandemic times.
The inbound shipment declined since Q4 2021 when it was noted at $10.069 billion. It came down to $9.147 billion in Q1 2022, $8.482 billion in Q2 2022, $8.038 billion in Q3 2022 and $7.709 billion in Q4, 2022, as per TexPro.
ALCHEMPro News Desk (KUL)
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