Canada apparel imports on recovery path
Canada has seen a remarkable recovery in its RMG import in July ’20 by 53.93 per cent over June ’20. The country imported US $ 870.24 million worth of apparels in July ’20 as compared to US $ 565.33 million in the preceding month.
However, despite the strong recovery for 2nd consecutive month, the country’s RMG imports are still down on the YTD by 28.63 per cent to US $ 4.23 billion. All major Asian countries got benefitted from the market recovery in Canada on monthly basis.
Imports from China surges massively – no evident anti-China sentiments
There is no stopping China as, even in a tough year like 2020, Chinese RMG shipment (US $ 1.45 billion) to Canada is still 34.23 per cent of the total Canada import value in Jan.-Jul ’20 period, while China’s share (US $ 401.06 million) goes up to 46 per cent in July ’20 alone.
On month-over-month (M-o-M) basis, China registered 93.96 per cent growth in July ’20 shipment over June ’20. It’s worth mentioning here that, in July ’20, the Y-o-Y fall of the Chinese shipment to Canada is just 12 per cent – the lowest fall amongst all major destinations. This significant share of China coupled with strong recovery signals that Canada does not display any anti-China sentiments.
Large Indian population in Canada has no influence on dipping imports from the country
India grew by 33.87 per cent in July ’20 over June ’20 to ship just US $ 16.67 million worth of garments to Canada. On the other hand, the country has fallen by around 50 per cent in its yearly shipment in July ’20 and by over 39 per cent in the YTD.
This fall in the YTD shipment on Y-o-Y shows, despite so many Indians living in Canada, the Canadian sourcing didn’t get any boost and shipment from India suffered significantly.
Bangladesh paces up its shipment to Canada
Canada seems to have gotten on track gradually in its shipment from Bangladesh for which it is a major non-traditional market. In YTD, though Bangladesh also suffered around 41 per cent loss from 2019 export level, its growth was second next to China in top 10 exporting destinations on M-o-M basis. The country upped its shipment by a whopping 80.52 per cent in July ’20 over June ’20 and the shipment valued US $ 84.88 million.
Simply put, it can be said that the way recovery is happening on a month-over-month basis in the Canadian RMG imports with all major countries being able to increase exports to Canada between 50 and 100 per cent, it will not take too long for the countries to come back to the export figures of the previous soon.
