Japan grew by 11.13 per cent in August ’20 over July ’20 and valued 237.24 billion yen (US $ 2.25 billion), as analysed by Apparel Resources’ data analysis team.
Amongst top shippers, China and Bangladesh managed to grow both value-wise and weight-wise; Vietnam could only grow in values and fell in its weight-wise shipment; and India couldn’t see any positivity both in value and weight of the shipment in August ’20 over July ’20.
However, as Japan’s import values fell sharply on yearly basis in August ’20 over August ’19 by 22.39 per cent, no shipping partner could turn wind in their favour and all of them experienced a significant yearly drop against the same month of last year in their respective exports to Japan.
In August ’20, China accounted for 130.30 billion yen (US $ 1.24 billion) in total apparel import value of Japan and that’s a significant growth of 14.36 per cent as compared to shipment done in July ’20.
Interestingly, China’s share in Japanese market has increased to 54.92 per cent in August as compared to the previous month when its share was just 53.44 per cent.
Japan has been a potential non-traditional market for Bangladesh for last couple of years but there has been no noticeable shift in the export values for last couple of months, despite the fact that Bangladesh is performing reasonably well in its largest export destination USA at the same time.
In August ’20, Bangladesh grew just 4.15 per cent over July ’20 to ship 9.72 billion yen (US $ 92.36 million) of garments to Japan, while it fell by 22.51 per cent on yearly note.
On the other hand, Japan’s import from India valued 1.57 billion yen (US $ 15 million) in August ’20 which is 25.45 per cent drop from July ’20 figures. These figures should shake the Indian exporters as failing to tap even monthly growth signals the business may shift to other competitors.