The US apparel imports market showed mixed results in Aug’24 with imports rising in volume but declining in value.
As per data from OTEXA, growing by 1.34 per cent in volume, US apparel imports reached 2,502.29 million SME (Square Meter Equivalent) in Aug’ 23, suggesting steady or increasing demand among US consumers.
However, the value of these imports declined by 0.86 per cent Y-o-Y to $7.67 billion, indicating a divergence between the volume and value of imports, reflecting changing market conditions.
On a Month-on-Month basis, US apparel imports declined by 2.68 per cent in value from July 2024, indicating either seasonal adjustments, more cautious consumer spending, or retailers managing inventory levels prudently.
In Aug’24, the average Unit Value Realisation (UVR) dropped by 4.73 per cent to $3.06 from $3.13 in July’24. This suggests a trend toward lower-priced goods or potential price negotiations between buyers and suppliers, contributing to the lower overall value despite higher import volumes.
China remained the largest apparel exporter to the US, accounting for 25.20 per cent of the total value share in Aug ‘24. Vietnam followed with 19.16 per cent, while Bangladesh (7.96 per cent), Indonesia (5.22 per cent), and India (4.76 per cent) emerged as the top five apparel exporters to the US.
