The garment business recorded its second consecutive half-billion-dollar export haul in July, bringing the first seven months’ performance to $ 3 billion. According to preliminary figures from the Joint Apparel Association Forum (JAAF), exports totaled $522.14 million in July, a 22.64% increase from the previous year. Between January and July, cumulative exports totaled $ 3.3 billion, up 20.4% over the same period last year and $ 3.07 billion in pre-COVID 2019. The strong achievement follows the highest-ever export of $537 million in June. The previous monthly high was $ 504 million, set in March 2019. July apparel exports to the United States increased by 17% to $ 213.6 million, but were lower than 67.6% year on year.
Exports to the United States increased by 27% to $1.4 billion in the first seven months of 2022, by 14.5% to $ 963 million in the EU, and by 18% to $ 455.4 million in the United Kingdom. Other market exports increased 16.6% to $ 484.50 million.
Despite the year’s strong start, industry sources warned that the rest of the year would be difficult. This is because of rising inflation in the EU and the United States, as well as existing inventories in the latter. An energy problem ahead of the oncoming winter is another element contributing to market gloom. Last year, garment exports increased by 23% to $ 5.4 billion, while earnings increased by 6% to $ 5.6 billion in 2019.
