The US apparel import market has witnessed an intriguing shift in August 2024, with rising import volumes but declining values. This development sheds light on changing dynamics of global apparel trade, signalling evolving consumer trends and potential adjustments by brands and retailers.
According to the latest OTEXA data, analysed by Apparel Resources, US apparel imports increased by 1.34 per cent in quantity, reaching 2,502.29 million SME (Square Meter Equivalent) compared to August 2023. This uptick highlights stable or even growing demand for apparel among US consumers.
However, the import value decreased by 0.86 per cent to US $ 7.67 billion year-on-year, marking a decoupling between quantity and value.
Adding further complexity, month-on-month data shows a 2.68 per cent decline in import value from July 2024. This could reflect seasonal adjustments, subdued consumer spending, or inventory corrections by retailers managing stock levels cautiously.
The divergence between the volume and value of imports can be attributed to several possible factors. In August 2024, the average UVR (Unit Value Realisation) dropped 4.73 per cent, from US $ 3.13 in July 2024 to US $ 3.06. This decline further emphasises the trend toward lower-priced products or price negotiations between buyers and suppliers.
Despite the shifting dynamics, China maintained its position as the largest apparel exporter to the US, capturing 25.20 per cent of the total value share in August 2024. Vietnam followed closely with 19.16 per cent, while Bangladesh (7.96 per cent), Indonesia (5.22 per cent), and India (4.76 per cent) rounded out the top five exporters.
Stay tuned to know how top Asian manufacturing destinations performed value-wise and volume-wise in US market during August ’24.