For the first time in 2018, the USA imported apparel worth US $ 8.13 billion in the month of July. This is a massive 23.14 per cent surge from previous month. The previous highest import value was US $ 7.05 billion which was registered in January this year. Even on Y-o-Y basis, the largest apparel importer in the world was up 5.30 per cent.
The data has recently been released by OTEXA and further analysed by Apparel Resources.
Following the surge,the cumulative apparel import figures reached to US $ 46.18 billion in January to July ’18 period, marking 2.72 per cent growth on the yearly note.
All the major exporters to the USA witnessed growth in their respective apparel export in July. China took a quantum leap despite the ongoing trade war with the USA and exported apparels worth US $ 2.92 billion in July, noting 32.46 per cent growth over June ’18. During the 7-month period, the country, however, was down by 0.83 per cent to US $ 14.20 billion in its exports to USA.
Vietnam, the 2nd largest apparel exporter to USA, escalated by 25.38 per cent as the export value in July was US $ 1.216 billion as compared to US $ 970.21 million in June ’18. During Jan.-Jul. ’18 period, Vietnam’s export value to the USA stood at US $ 6.94 billion which was up 6.41 per cent on the yearly note.
Further, Bangladesh is increasing with a constant pace in the US market as, in July this year, the country’s apparel exports were valued at US $ 509.93 million (up 5.91%) as compared with US $ 481.83 million in June ’18. On the entire year basis, Bangladesh marked 5.61 per cent growth to clock US $ 3.21 billion figure.
India too experienced a profitable month with US $ 343.97 million worth of apparel exports in the USA, posting a solid growth of 17.92 per cent on M-o-M basis. All through 2017, India’s de-growth put enormous pressure on the exporters but somehow 2018 has been quite decent for them. Even in Jan.-Jul. ’18 period, India got 3.92 per cent boost and hit US $ 2.42 billion figures in apparel exports to its largest exporting destination.
Riding on the similar positive trend, Indonesia too jumped in July by 8.31 per cent to earn US $ 367.95 million. However, despite the growth, Indonesia fell as far as Jan.-Jul. ’18 period is concerned as the country could manage to ship apparels worth just US $ 2.613 billion as compared to US $ 2.713 billion in the same period a year earlier.
