Asian garment exporters are in a tizzy because of sharp drop in US apparel imports almost 25.35 per cent on a year-on-year basis in the last eight months.
Although the slight drop from 2020 to 2021 was attributed to the pandemic but is worrying is that the figure is increasing and there is not much change.
Worrying trade stats:
During the first 8-month of 2023 from January to August, the US imported apparel worth $15.98 billion, falling massively by around 25.35 per cent on a year-on-year, reveals US trade department Office of Textiles and Apparel (OTEXA) stats.
Reasons for decline:
- 1/ Imports has gradually recovered, the overall import demand remained weak, with trade volume still experiencing a decrease of approximately 17-18 per cent as compared to 2022 and inflation issues still rule.
- 2/ Due to its seasonal pattern, the market share of some countries has been higher since June.
- 3/ Despite an apparent rebound in exports to the US, China has continued to experience a decline in market share mainly due to the adverse business environment.
- 4/ The US apparel imports from CAFTA-DR members of the free trade agreement between the US and a group of smaller developing economies has remained stagnant.
However with the Christmas and New Year festivities around the corner, ASEAN garment exporters remain hopeful the recent fall in US textile and apparel imports will smoothen out and the usual trade figures will be back on track again.
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