14 September 2023, Mumbai
The Office of Textiles and Apparel (OTEXA) has released a report that shows a sharp decline in US apparel imports in the first seven months of 2023.
Imports from all major sourcing countries, including China, Vietnam, Bangladesh, and Indonesia, declined significantly. The total value of US apparel imports fell by 22.28% to $45.74 billion, and the volume of imports fell by 27.99% to 14.03 billion SME.
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The report attributes the decline in imports to a number of factors, including rising costs, inflation, and the ongoing COVID-19 pandemic. Despite the decline, the unit price per SME increased by 7.94%, suggesting that companies are passing on higher costs to consumers.
The report also notes that there are some opportunities for growth in the US apparel market, particularly in diversified and high-value-added items. Companies that are able to innovate and offer products that meet the needs of consumers will be well-positioned to succeed in the current market environment.
Outlines:
- The decline in apparel imports is the largest since the global financial crisis of 2008.
- The decline is expected to continue in the coming months, as rising costs and inflation put further pressure on businesses.
- The decline is having a significant impact on the apparel industry, as many companies are struggling to maintain profitability.
- The decline is also having a negative impact on jobs, as many apparel factories are being forced to close.
CREDITS: BGMEA Press Release.
