This month’s key highlights are:
Apparel Imports:
In October 2024, the US, EU, and UK continued to register strong import growth while Japan registered a decline:
US: US$ 7.9 bn, up 22% YoY
EU: US$ 8.8 bn, up 22% YoY
UK: US$ 2.0 bn, up 5% YoY
Japan: US$ 2.2 bn, down 4% YoY.
Apparel Exports:
In November 2024, all the major exporters registered strong growth.
China: US$ 12.5 bn, up 5% YoY; remained the same on a YTD basis
Bangladesh: US$ 3.3 bn, up 16% YoY; 9% decline on a YTD basis
Vietnam (Oct 2024): US$ 3.2 bn, up 23% YoY; 10% increase on a YTD basis
India: US$ 1.1 bn, up 10% YoY; 8% increase on YTD basis
Apparel Retail Scenario:
US apparel store sales in Nov. 2024 are estimated to be 2% lower than Nov. 2023, and home furnishing store sales are estimated to be 15% higher.
UK apparel store sales in November 2024 were £4.1 bn., which is 5% lower than in November 2023.
In November 2024, the US inflation rate rose to 2.8%, while the unemployment rate dropped to 4.2%. Additionally, the Consumer Confidence Index rose by 3%, reflecting growing consumer optimism. This trend is expected to continue with the Federal Reserve's recent interest rate cuts.
CREDITS: Wazir Advisors recent report.