In the first half of this year, the global economic recovery trend was better than expected. Consumption in developed economies in the United States and Europe was resilient, and the trade blocking effect of the Red Sea crisis subsided, which led to the accelerated repair of the global industrial chain and supply chain, and trade activities rebounded slightly. The manufacturing industry of major emerging textile and clothing suppliers in the world maintained good growth momentum, and the textile and clothing trade remained stable overall. Specifically, the improvement in textile and clothing trade in Southeast Asian and South Asian countries such as Vietnam, Bangladesh and India was more obvious. Turkey was affected by factors such as reduced consumption in the European market, difficult to alleviate domestic inflationary pressure, and high logistics and energy costs, and the scale of textile and clothing trade showed a slight decline.
Vietnam
Supported by factors such as strong manufacturing growth, improved domestic residents' income and rebounding external demand, Vietnam's macroeconomic growth has achieved good growth since the beginning of this year, the supply side of the textile industry has gradually improved, and the textile and clothing trade has been stable. According to Vietnamese customs data, from January to July 2024, Vietnam exported US$22.81 billion worth of textiles and clothing to the world, a year-on-year increase of 6.1%, and the growth rate rebounded by 21.3 percentage points from the same period last year. Among them, the export value of yarn was US$2.54 billion, a year-on-year increase of 3.5%, an increase of 24.3 percentage points over the same period last year; the export value of fabrics and clothing was US$20.27 billion, a year-on-year increase of 6.3%, an increase of 20.8 percentage points over the same period last year. The relatively stable consumer demand in developed economies in the United States and Europe has led to the accelerated recovery of Vietnam's textile supply chain, and the overall demand for textile raw materials and intermediate products has rebounded.
Turkey
As a beneficiary of the adjustment of the global textile and clothing supply chain layout and an important node radiating the European market, Turkey's textile and clothing trade has been generally stable in recent years. However, affected by factors such as the reduction of terminal consumption in Europe and domestic inflation, the scale of textile and clothing trade has declined slightly in the first half of this year.
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