All through the pandemic and afterwards, suit was the product category that took most of the beating in the apparel markets as people were staying at home and weren’t spending much on formalwear.
However, situation isn’t gloomy anymore for suit manufacturers as it seems in the recently released statistics by OTEXA which was analysed by Apparel Resources.
The US has imported US $ 890.86 million worth of suits from January to September ’22, noting a whopping 105.93 per cent yearly growth.
All major suit manufacturing destinations have grown substantially; China being on top, while Bangladesh, Vietnam, Indonesia and India clocked significant growth too.
Of total suit imports, USA sourced US $ 212.29 million worth of suits from China, which grew by 158.13 per cent in its shipment on Y-o-Y basis. This is around 24 per cent of total value!
Vietnam and Indonesia performed well as they shipped US $ 119.55 million and US $ 53.13 million worth of suits to the US market in the said period growing by around 148 per cent and 216 per cent respectively, on Y-o-Y basis.
The Indian suit factories too stayed ahead in the race with US $ 42.29 million worth of suit shipment to the US market, registering 93.90 per cent yearly growth.
Bangladesh too was able to grab a pie as it noted 142.53 per cent Y-o-Y growth to export US $ 26.29 million worth of suits in the mentioned period.
It’s worth nothing here that the global suit market is projected to value more than US $ 80 billion as of 2022, of which 25 per cent is contributed by the USA.
