According to OTEXA, USA fell in its apparel consumption by 0.34 per cent in 2019. The country imported 27.74 billion SME apparels in 2019 as against 27.83 billion SME in 2018.
The first three quarters saw positive trend by 4.61 per cent; 4.02 per cent; and 2.22 per cent respectively, while the 4th quarter saw a massive downfall by 11.89 per cent.
In terms of values, the country saw a marginal rise of 1.16 per cent as it imported US $ 83.82 billion worth of apparels as against US $ 82.86 billion import value in 2018.
The 4th quarter remained negative value-wise too as USA tumbled by 9.62 per cent in RMG imports in October to December period, while the first 3 quarters witnessed growth by 6.06 per cent; 5.75 per cent; and 2.97 per cent on Y-o-Y basis.
The shipment devalued due to tremendous decline of the Chinese shipments. China marked 5.06 per cent fall in volumes, while values plunged by 9.10 per cent. Uncertainty caused by the US-China trade war is said to be the major factor for this decline along with the changing consumer preferences, which is moving rapidly towards ‘slow fashion’.
Vietnam saw surge both in volumes (6.09 per cent) and values (11 per cent) and, seeing the data, it can be said that the country was able to grab the shift coming from China in 2019. The country shipped US $ 13.56 billion worth of apparels to USA which is US $ 1.24 billion more value than 2018.
Bangladesh’s RMG exports to USA during 2019 valued at US $ 5.93 billion, which is 9.83 per cent higher than 2018. Volume-wise, Bangladesh noted 4.03 per cent growth and denied all speculations that it is losing its grounds in its biggest export destination.
India too noted significant rise of 6.80 per cent as it clocked US $ 4.08 billion revenue from apparel shipment to USA. Markedly, volume escalated positively by 3.54 per cent.
As year 2019 concluded on a negative note for USA, it will be interesting to see how 2020 will perform for the country amidst massive spread of Coronavirus due to which the shipments from China have been held.
Keep watching the space for more data news and features…!