The United States of America witnessed growth in underwear import value during January to April 2018 period.
Underwear imports valued at US $ 1133.30 million posting a growth of 1.22 per cent on Y-o-Y basis. However, quantity of imports fell by 2.91 per cent which indicates that unit prices of underwear upped in the countries where USA is sourcing underwear from.
China fell in its respective exports by 1.82 per cent to earn US $ 239.82 million. On the other hand, Vietnam posted a strong growth of 11.44 per cent as the underwear exports to the USA valued at US $ 185.39 million, pacing up to match China’s shipment value.
Further, India surpassed Sri Lanka in the first 4 months of 2018 tapping US $ 104.54 million from its respective export of underwear. On the yearly note, India grew by an impressive 7.94 per cent. Whereas, Sri Lanka fell drastically by 8.64 per cent and shipped just US $ 90.77 million worth of underwear to the USA in the mentioned period.
It can be safely stated after analysing the data that Sri Lanka’s loss is India’s gain in underwear shipment values which has hurt Sri Lanka significantly as underwear has always been one of the top garment products to be exported.
Moving on to Bangladesh, the data shows a negative trend for the country as it plummeted by 4.84 per cent and exported underwear worth US $ 88.86 million in the review period as against US $ 93.38 million shipment value in the same period last year.
Quantity-wise, only Vietnam posted growth which was 0.51 per cent, whereas rest all mentioned countries were down in their respective exports to the USA.
It’s pertinent to mention here that according to Statista, a global market research company, the underwear market in the USA is expected to grow annually by 2.3 per cent (CAGR 2018-2021). Therefore, if this projection is anything to go by, the top 5 underwear exporters to the USA mentioned above will have a great opportunity to increase their respective market share.
