Key Highlights:
- Apparel imports declined in major economies, with the US and EU experiencing modest drops, while the UK and Japan saw more significant decreases.
- China maintained its dominance in apparel exports, while Bangladesh and India showed contrasting trends.
- Apparel retail sales declined in the US and UK, with online sales also facing challenges.
Regional Insights:
- United States:
- Apparel imports decreased by 6% YoY to $6.2 billion.
- Apparel store sales fell by 2%, while home furnishing sales rose by 13%.
- Online clothing sales dropped by 1% in Q2 2024.
- European Union:
- Imports declined by 13% YoY to $6.1 billion.
- United Kingdom:
- Imports fell by 26% YoY to $1.4 billion.
- Apparel store sales decreased by 3%, and online clothing sales dropped by 5% in Q2 2024.
- Japan:
- Imports decreased by 6% YoY to $1.5 billion.
- China:
- Apparel exports stood at $14.7 billion, a 3% decrease YoY.
- Bangladesh:
- Exports dropped by 17% YoY to $3.4 billion.
- India:
- Exports increased by 18% YoY to $1.3 billion.
Sum & Substance:
The global apparel market continues to evolve, influenced by economic conditions, consumer preferences, and geopolitical factors. Understanding these trends is crucial for businesses and policymakers to make informed decisions.
CREDITS: Wazir Advisors Pvt. Ltd., latest report