According to the most recent import data from the USA, the country has imported suits and ensembles totaling US $ 1.03 billion from January to October ’23, reflecting a 1.58 per cent annual growth.
This data brings positive news for Indian suit manufacturers, as India has observed a commendable 5.70 per cent growth in suit exports to the US market, amounting to US $ 50.40 million.
This growth stands out against the backdrop of declining suit shipments from other producing nations to the USA.
Of the total suit imports, the USA obtained US $ 200 million worth of suits from China, experiencing a 14.87 per cent year-on-year decline.
Vietnam and Bangladesh also registered slight decreases of 0.52 per cent and 0.83 per cent, respectively, with exports totaling US $ 136.29 million and US $ 32.25 million during the initial 10 months of 2023.
Indonesia too witnessed a significant decline of 17.25 per cent, reaching US $ 52.14 million.
It is pertinent to mention here that the global market for suits, coats, blazers and ensembles is projected to surpass US $ 90 billion by 2024, with the USA contributing 25 per cent to this total.
