T-shirt – the top product category imported by USA – saw a drastic yearly fall of 65.50 per cent in its import value in May ’20, due to unprecedented situation created by COVID-19.
According to an analysis done by Apparel Resources, USA imported US $ 613.96 million worth of T-shirts in the month of May, while the import value in the same month of 2019 stood at US $ 1.78 billion.
On monthly basis, USA fell by 29.26 per cent in May ’20 over April ’20 as the import valued at US $ 867.92 million a month earlier.
Though no country recorded growth in its value of T-shirt export to USA in May on Y-o-Y basis, it was China which stayed ahead of the curve on M-o-M basis. The country fell 65.08 per cent over May ’19 to ship US $ 94.95 million worth of T-shirts in its largest export market in May ’20 but it picked up by 5.60 per cent as compared to April this year.
Bangladesh’s dismal performance continued even in T-shirt category as it tumbled substantially by over 63 per cent on Y-o-Y basis only to see T-shirt export value reducing from US $ 63.47 million in May ’19 to US $ 23.16 million in May ’20.
India’s T-shirt shipment to USA couldn’t see any turnaround and, as predicted, it fell by 85.80 per cent to generate US $ 14.40 million revenue. The export plunged in February, March and April as well which shows this continuous negative trend can hurt the country’s exporters in the coming months even more.
Vietnam experienced a yearly fall of 47.86 per cent in its T-shirt exports to USA in May ’20 and shipment valued at US $ 154.80 million. It’s worth noting here that the country is still the top T-shirt exporter to USA despite falling in May with over 25 per cent share in total US T-shirt import values.
Markedly, no other country except Vietnam managed to cross US $ 100 million in its T-shirt export to USA in May ’20.