World denim fabric exports grew by an average of only 1.5% per annum between 2010 and 2014 and imports by an average of only 0.3%. Furthermore, between 2005 and 2014 exports were up by an average of only 0.9%per annum while imports were more or less the same. In 2014 alone, exports fell by 4.2% while imports were down by 4.1%. As a result, exports and imports remained well below the peaks reached in 2011. The global denim fabric industry has been negatively affected by a number of factors in recent years. In 2009 it was hit by the global recession and more recently by sharp fluctuations in the price of raw cotton. The latter surged in late 2010 and early 2011 to reach a historical peak, prompting manufacturers to cut back on production and use a smaller proportion of cotton in their denim fabric products with the aim of controlling costs. The world's top denim fabric exporting country in 2014 was China, followed by Hong Kong, Pakistan, Turkey, India, Italy, the USA, Japan, Egypt and Mexico. Together, these countries accountedforasmuch as 93% of world denim fabric exports. The top denim fabric importing country in 2014 was Bangladesh, followed by Hong Kong, China, Turkey, Mexico, Tunisia, Colombia, Italy, the USA and Cambodia. Together, these countries accountedfor 72% of world denim fabric imports. Imports of denim jeans into the USA declined in value by 9.1% in 2014 to their lowest level since 2003, reflecting trends in world denim fabric trade. There were declines in imports from nine of the leading ten suppliers. Mexico became the USA's largest supplier in 2014, ahead of China as imports from the latter fell at the fastest rate among imports from the leading ten suppliers. Nevertheless, these two countries continued to accountedfor over 50% of US imports of denim jeans from all sources. Imports of denim jeans into the EU bucked the trend of decline in world trade in denim fabric and denim jeans and increased by 8.2% to a record high, having been led by strong growth in imports from Bangladesh and Pakistan. As a result, Bangladesh became the EU's largest supplier of denim jeans, ahead of Turkey. Overall, the EU's four largest suppliers—Bangladesh, Turkey, China and Pakistan—accountedfor almost three-quarters of EU imports of denim jeans from all sources in 2014.
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