As predicted by Apparel Resources last month, the United States has noted a surge of 0.79 per cent in its apparel imports during January to December 2017 period.
The latest data released by Office of Textiles and Apparel (OTEXA) on February 6, 2018, puts a ‘stamp’ on Apparel Resources’ projection which earlier predicted that the country would see an approximate 0.88 per cent surge in its apparel imports during 2017.
The US imported 27,118.90 million SME of apparels in the review period as against 26,907.03 million SME of apparel imports in the corresponding period of 2016.
Further, the import destination reported a fall of 0.50 per cent in value terms during the reporting period. It imported apparels worth US $ 80.28 billion in 2017, whereas the value of the imported apparels in 2016 was US $ 80.68 billion. As per Apparel Resources’ trade data report, the value of apparel imports was US $ 80.16 billion, marking a drop of 0.68 per cent on the Y-o-Y basis.
Of all the major exporting countries, China continued to be the most dominant force in supplying apparels to the US. The country noted a surge in volume of exports by 1.80 per cent; however, it failed to impress in value-terms that did not see any positive turnaround in 2017.
China’s apparel exports to the US during 2017 stood at US $ 27.04 billion, down by 3.17 per cent. It met our forecast with almost ZERO deviation in the actual annual data.
During the same period, Vietnam touched US $ 11.56 billion mark (up by 7.01 per cent) in terms of apparel exports to the US. India too witnessed an escalation of 1.20 per cent in its apparel exports (value-wise) to the US. In our prophecy, we earlier said that ‘only these two countries would gain in apparel value terms amongst top 5 exporting destinations to the US’ and that remained true.
However, as expected, Bangladesh could not come out of its struggles and noted a significant drop in its value-wise apparel exports to the US by 4.46 per cent. The country also fell by 0.38 per cent in the volume of apparel exports.