After hitting the highest-ever apparel import values in 2022 (US $ 99.93 billion), the USA has seen a decline in its apparel imports – both in values and volumes, on yearly basis.
As per the data released by OTEXA, the country imported US $ 7.27 billion worth of apparel in the first month of the year, falling by 3.44 per cent on yearly note; however, the imports grew on monthly basis by 9.16 per cent as compared to December ’22 when it imported US $ 6.66 billion worth of apparel.
Markedly, all major apparel export destinations (except for Indonesia) fell substantially in their volume-wise shipment to the USA during January ’23 on Y-o-Y basis; whereas India, Bangladesh, Indonesia and Sri Lanka increased their apparel shipments to the USA in value terms.
As per an analysis done by the data team of Apparel Resources, China’s share of the USA’s apparel import values declined to 19.83 per cent, possibly for the first time ever in the first month of a Calendar Year.
China shipped US $ 1.44 billion worth of apparel to the USA during January ’23, declining massively by 24.61 per cent on Year-on-Year basis.
Vietnam too fell marginally by 0.50 per cent to export US $ 1.27 billion worth of apparel to the USA market, while Bangladesh seemed to be tapping China’s (and somehow Vietnam’s) share to export US $ 867.64 million worth of apparel to the USA, growing 15.43 per cent on yearly basis.
China secured its top rank with US $ 19.33 billion worth of garments entering the USA from the Asian giant at a growth rate of 20.76 per cent. However, the value-wise share has come down to 22.19 per cent from 23.92 per cent a year earlier.
India and Indonesia continued their tug of war as the former exported US $ 485 million (up 9.77 per cent) worth of garments to the USA, while shipments from the latter to the USA were valued at US $ 453.84 million (up 4.73 per cent).
