The textiles, wearing apparel, and leather products manufacturing output in Belgium has experienced fluctuations over the past decade. From a high of 5.15 billion euros in 2015, the sector saw a gradual decline, hitting a low of 3.77 billion euros in 2020. This decline corresponded to significant year-on-year drops in 2016 (-6.8%), 2019 (-10.92%), and 2020 (-9.73%). Despite a brief recovery in 2021 (16.04%) and 2022 (5.28%), the output dipped again in 2023 by 3.24% to 4.46 billion euros. The sector's recent five-year CAGR is -1.01%, indicating a downward trend. Forecasts suggest continued decline, with output expected at 3.81 billion euros by 2028, reflecting a five-year forecast CAGR of -2.5%, translating to an overall decrease of 11.87% during the period.
Future trends to watch for include:
- Economic recovery post-pandemic and its impact on consumer spending on textiles and apparel.
- Impact of sustainability trends and increased demand for eco-friendly and ethically produced products.
- Technological advancements in manufacturing that could lead to cost efficiencies and boost output.
- Potential trade policy changes within the EU affecting import-export dynamics.
