The first half of 2023 witnessed a stark decline in US apparel imports, marking a historic low for the industry. The country experienced a significant drop in both import volumes (down 29.72 per cent) and values (down 23.17 per cent), sending ripples through the global market.
The latest statistics released by OTEXA and analysed by Apparel Resources showed USA imported apparel worth US $ 38.04 billion in H1 ’23 as compared to US $ 49.52 billion which means the import loss stands at US $ 11.48 billion on a yearly basis.
The appreciation of the US dollar also emerges as a critical player in this narrative. The stronger dollar has compelled buyers to be cautious, leading to a significant shift from bulk orders to more conservative, smaller quantities.
Major Asian apparel exporters to the US market have been dealt a significant blow, experiencing substantial declines in both the volume and value of their exports during the first half of 2023.
China still remained the largest apparel exporter to the USA with over 19 per cent share in the US market, clocking US $ 7.27 billion (down 29.16 per cent), whereas Vietnam’s apparel export amounted US $ 6.73 billion at a yearly decline of 26.73 per cent on Y-o-Y basis.
India and Bangladesh too faced heat as value-wise apparel exports of both countries to the USA plunged respectively by 21.50 per cent and 23.55 per cent to US $ 2.51 billion and US $ 3.82 billion.
