Apparel Trade Scenario in Key Global Markets and India

Report by Wazir Advisors

Apparel Import Update in Key Markets

USA:

• In Mar 2023, US apparel imports were US$ 6.3 Bn., which is 32% lower than in Mar 2022. On a YTD basis, the imports are 19% lower than in 2022. China’s share in the US market has reduced by 5% since 2021, whereas the share of India has risen by 2%.

EU:

• EU apparel imports in Mar 2023 have decreased by 9% compared to Mar 2022 and were US$ 7.7 Bn in value. On a YTD basis, the imports are 1% higher than in 2022. In the EU apparel market, Bangladesh’s share witnessed an increase of 4% from 2021 and, China’s share decreased by 5%.

UK:

• UK apparel imports in Mar 2023 were US$ 1.8 Bn. which is 18% lower than in Mar 2022. On a YTD basis, the imports in 2023 are 14% lower than in 2022. In the UK apparel market, the share of China has decreased by 5%, since 2021.

Japan:

• In Mar 2023, Japan’s apparel imports were US$ 2.3 Bn. which is 10% higher than that in Mar 2022. On a YTD basis, the imports are 3% higher than in 2022. In Japan’s apparel imports, Vietnam’s share increased by 2%, whereas that of China declined by 8% compared to 2021.

Retail Sales Update in Key Markets

• In Apr 2023, US monthly apparel store sales are estimated to be US$ 18.6 Bn. which is 4% more than in Apr 2022. On a YTD basis, the sales were 6% higher than in 2022.
• In Apr 2023, US monthly apparel store sales are estimated to be US$ 18.6 Bn. which is 4% more than in Apr 2022. On a YTD basis, the sales were 6% higher than in 2022.
• In Q1 2023, US online sales of clothing and accessories registered a growth of 2% over Q1 2022 and were 32% lower than Q4 2022 sales.
• In Mar 2023, UK’s monthly apparel store sales were £ 4.2 Bn. which is 11% higher than in Mar 2022. On a YTD basis, the sales were 14% higher than in 2022.
• In Q1 2023, the UK’s online sales of clothing registered a growth of 13% over Q1 2022.

Indian Apparel Exports Market

• In Apr 2023, India’s apparel exports are estimated to fall further down to US$ 1.2 Bn., which is 25% lower than in Apr 2022 exports. On a YTD basis, the exports were 13% lower than in 2022.
• In India’s apparel export basket, UAE’s share has decreased by 6% whereas France’s and UK’s share has increased by 1% each, since 2021.