In September 2023, the value of apparel imports to the USA amounted to US $ 7.37 billion, reflecting a 4.41 per cent decrease compared to the previous month’s figure of US $ 7.71 billion.
As per the latest OTEXA data, analysed by Apparel Resources, throughout the year 2023, apparel imports of the USA have consistently exhibited sluggish growth, with April recording the lowest import values at US $ 5.65 billion.
This decline is attributed to the lingering economic slowdown in the western hemisphere, leading consumers to exercise caution and reduce investments in clothing products.
Cumulatively in the January-September ’23 period, apparel imports were valued US $ 60.82 billion, registering a massive decline of 22.81 per cent on the yearly note.
Markedly, the volumes declined by 25.16 per cent to 18,868.11 million SMEs.
From January to September 2023, leading the pack was China (US $ 12.75 billion), contributing a substantial 20.97 per cent of the total share. Following closely behind, Vietnam secured the second position with an 18.20 per cent share with US $ 11.07 billion export values.
Bangladesh (US $ 5.78 billion) secured the third spot, accounting for 9.50 per cent of the export value in the US market, while India (US $ 3.62 billion) and Indonesia (US $ 3.30 billion) rounded out the top five, capturing 5.96 per cent and 5.43 per cent of the market share, respectively.