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India’s apparel exports rose in December 22, US continued to have largest share: Wazir Advisors’ Report

 

Wazir Report January 2023

The latest Wazir Advisors’ latest ‘Apparel Trade in Key Global Markets and India’, reveals in November 2022, the US imported apparel worth $6.3billion which is 15 per cent lower than apparel imported in November 2021. The report also shows, in December 2022, the US’ monthly apparel store sales were estimated at $29.1 billion, which is 20 per cent more than in December 2021. In 2022, sales were 9 per cent higher than in 2021.

Apparel trade in the US, UK and Europe

On a year-to-date basis, US’ apparel imports are 26 per cent higher than in 2021. China’s share in the US market has reduced by 8 per cent since 2019, whereas Vietnam and Bangladesh’s shares have risen by 2 per cent and 3 per cent respectively.

EU apparel imports in October 2022 were 14 per cent higher compared to October 2021. The growth can be attributed to higher price inflation and low base value. In the EU market, China’s share has increased by 1 per cent whereas Bangladesh’s share has increased by 4 per cent since 2019.

The UK apparel imports in October 2022 were approximately 19 per cent higher than in October 2021. On year-to-date basis, the UK’s apparel imports in 2022 were 21 per cent higher than in 2021. Since 2019, China, Bangladesh and Turkey have increased their market shares by 6 per cent, 4 per cent and 3 per cent respectively in the UK.

In September 2022, Japan’s apparel imports stood at $2.7 billion, 8 per cent higher than in September 2021. On year-to-date basis, imports in 2022 were 5 per cent higher than in 2021. Japan’s apparel imports from, Bangladesh’s and Cambodia’s increased 1 per cent each, whereas that of China declined 1 percent compared to 2019.

The overall trend reflects imports from China slowly declining. The main reason is the continually growing anti-China sentiments and the ban on Xianjiang-sourced cotton by the West. Additionally, China’s production costs are no longer the cheapest, paving way for Bangladesh, Vietnam and Cambodia. With much more focus on trends and a planned effort on investments to modernize production, Bangladesh continues to register growth.

Retail sales updates in key markets

In December 2022, the US’ monthly apparel store sales were estimated at $29.1 billion, which is 20 per cent more than in December 2021. In 2022, sales were 9 per cent higher than in 2021. December 2022, the US’ monthly home furnishing store sales were estimated at $6.8 billion, 10 per cent more than same month in 2021. In 2022, sales were 3 per cent higher than in 2021. In the third quarter of 2022, online sales of clothing and accessories registered a growth of 9 per cent over the second quarter of 2021 but it was marginally lower than the sales in the second quarter of 2022.

In November 2022, UK’s monthly apparel store sales were £4.1 billion, which is 3 per cent higher than in November 2021. On year-to-date basis, sales were 21per cent higher than in 2021, mainly on account of low base value. In the third quarter of 2022, online sales of clothing registered negative growth of 6 per cent over the third quarter of 2021 and it was also lower than sales in the second quarter of 2022. The study shows retail in the UK is underperforming compared to the US.

India’s apparel export updates

In December 2022, India’s apparel exports were estimated at approximately $1.5 billion, 23 per cent higher than in December 2021. In 2022, exports were 12 per cent higher than in 2021. In India’s apparel export basket, US’ share has increased 8 per cent whereas the UAE’s and the UK’s share has declined by 3 per cent and 1 per cent, respectively since 2019. The largest chunk of Indian apparel export continues to be towards the US and Europe, combining to make up 49 per cent.

 
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