The dispute between USA and China is not allowing the trade to normalise between these two countries, while the gradual normalisation can be seen in the manufacturing and trade activities of India, Bangladesh and Vietnam.
As OTEXA released July ’20 import data of USA, the data shows India managed to increase its share in the US market following months of lockdown to attain gradual normalcy. The country, however, fell by 33.28 per cent on Y-o-Y basis in January-July ’20 period to ship US $ 1.75 billion worth of garments to USA, but it increased by 87.93 per cent over June ’20 to ship US $ 213.21 million worth of garments in its largest exporting destination.
China’s shipment of apparels to USA in year-to-date valued US $ 7.35 billion, which is 49.34 per cent lower than January-July ’19 period. The monthly surge is certainly there as it grew 37.39 per cent in July ’20 over June ’20 to value US $ 1.58 billion. On Y-o-Y basis, the shipment from China saw a decline of 50 per cent in July ’20 as USA imported US $ 3.17 billion worth of garments in July ’19 from China.
The second largest apparel exporter to USA – Vietnam – saw a decline of 11.06 per cent in January-July ’20 period and shipment was worth US $ 6.94 billion as against US $ 7.80 billion in the same period of 2019.
In July ’20, there was a fall of 11 per cent in US apparel import from Vietnam over July ’19 and it valued at US $ 1.29 billion. However, as compared to June ’20, Vietnam’s shipment increased by 51.76 per cent.
As far as Bangladesh is concerned, USA imported US $ 2.90 billion worth of garments, noting 18.54 per cent Y-o-Y fall. Particularly in July ’20, USA’s import from Bangladesh stood at US $ 436.34 million with a significant monthly growth of 52.74 per cent over June ’20.
Following disruptions caused by COVID-19, Bangladesh also couldn’t go against the wind and fell on Y-o-Y basis by 11 per cent in July ’20 over July ’19.
Further to this, only three countries managed to see yearly growth in July ’20 over July ’19 as well as in January-July ’20 period. Stay connected as the next data story will talk about these three countries!
