Europe is witnessing a downward trend in the trade of industrial textiles due to a decrease in the industrial activities in Europe. The continent is facing disastrous impact of Russia-Ukraine conflict and upheaval on the business front. According to an analysis, import-export of industrial textiles has seen a steep fall in the second quarter of this year.
Europe’s exports of industrial textiles declined to $1.776 bn in the second quarter of this year, according to market insight tool TexPro. The exports were $2.429 bn in the first quarter of 2022. In 2021, the region had exported industrial textiles worth $2.518 billion in the second quarter, $2.344 bn in the third quarter and $2.429 bn in the fourth quarter.
Monthly export figures of industrial textiles dropped sharply to $176.142 mn in June 2022 from $806.275 mn in May 2022. The exports further declined to $26.321 mn in July this year.
A similar trend was witnessed in imports of industrial textiles too, which are imported into Europe for other industrial sectors. The imports declined to $1.544 bn in the second quarter of this year from $2.092 bn in the first quarter of 2022. In 2021, they were at $2.138 bn in the second quarter, $2.003 bn in the third quarter, and $2.053 bn in the fourth quarter.
Europe’s monthly imports of industrial textiles fell to $211.368 mn in June 2022 from $692.706 mn in May 2022. The imports stood at $61.783 mn in July this year, as per TexPro.
The impact of Russia-Ukraine war was not so severe in the initial months of the war. However, Russia’s decision to reduce gas supplies to Europe in the recent months has affected the continent’s industrial activities. The scarcity of gas and other energy products has disrupted not only economic activities but also the normal life of average Europeans.
