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In June 2024, EU clothing imports fell by 9.9% in volume and 13.2% in value (in euros). Exports from China and Bangladesh to the EU were also affected, and market trends need further observation.

Italy raises substitute taxes on foreign income for wealthy expatriates and plans to increase city taxes, impacting tourism. The EU imposes provisional anti-subsidy and anti-dumping taxes on Chinese electric vehicles and biodiesel, affecting international trade and the economic environment.

Despite Indias efforts to become a manufacturing hub, its reliance on Chinese imports has significantly increased, especially in electronics, pharmaceuticals, and textiles.

According to China Customs, July 2024 saw a decline in Chinas stainless steel and raw materials trade, with imports down 8.84% and exports down 9.33% month-on-month, while scrap stainless steel imports fell 20.93%, indicating changes in market demand and supply chains.

From January to July 2024, China’s service trade grew by 14.7% year-on-year, with exports up by 12.4% and imports by 16.4%, highlighting strong performance in knowledge-intensive services and travel, solidifying Chinas role in global service trade.

Data from the General Administration of Customs of China show that from 1st to August 2024, Chinas textile garment exports grew by 1.1 percent, textile exports grew by 3.5 percent, clothing exports fell by 1.0 percent, textile exports grew by 5.0 percent, clothing exports fell by 2.0 percent, and the industry faces pressure and needs to upgrade.