01 August 2023, Mumbai
Apparel Imports to the U.S. Drop Significantly
The U.S. Office of Textiles and Apparel (OTEXA) releases data for January to May 2023, showing a sharp 22.92% decline in overall apparel imports compared to the previous year.
Value and Volume Decline in Apparel Imports
Apparel imports fell from $40.89 billion to $31.51 billion (a 22.92% drop) and from 13.79 billion SMEs to 9.58 billion SMEs (a 30.48% slowdown in volume-wise data).
Major Import Sources Witness Declines
China, Vietnam, Bangladesh, Indonesia, and India experienced considerable declines in both value and volume during the period.
Impact on China and Vietnam's Imports
China's imports fell by 30.44% in dollar terms and 31.44% in quantity, while Vietnam's imports dropped by 28.07% in value and 33.51% in quantity.
Decline in Imports from Bangladesh
Imports from Bangladesh decreased by 19.16% in value and 30.91% in quantity.
Rising Unit Prices Affect Apparel Imports
Inflation-driven unit price surges impact all top-sourcing countries, with the aggregate unit price of imports increasing by 10.88%.
Bangladesh Records Highest Unit Price Rise
Bangladesh sees the highest unit price rise of 17.01%, attributed to input cost hikes and inflation.
Challenges in the Global Apparel Supply Chain
The report highlights significant challenges in the global apparel supply chain, with rising costs impacting the industry's performance in the United States.
CREDITS: BGMEA Press Release.
