In Q1, FY’24, apparel imports by the US dropped by 7.14 per cent to 18.07 billion from 19.46 billion in the corresponding quarter of the previous year.
As per data from the Office of Textiles and Apparel (OTEXA), apparel imports by the US from Bangladesh declined by 17 per cent to $1.75 billion from $2.13 billion during Q1FY23, indicating a significant shift in sourcing preferences or market conditions.
Contrastingly, apparel imports from China, another heavyweight in apparel manufacturing, registred a marginal dip of only 0.71 per cent, reinstating China's dominance as the one of the major apparel supplier to the US.
Emerging as formidable competitor in the apparel industry, Vietnam recorded a modest increase of 0.91 cent in clothing exports to the US. This uptick signifies a growing reliance on Vietnam as a sourcing destination due to factors such as competitive pricing or manufacturing capabilities.
Similarly, Cambodia witnessed a notable surge of 11.13 per cent in clothing exports to the US. This trend was possibly driven by factors like favorable trade agreements or operational efficiencies within the Cambodian garment industry.
Conversely, US clothing imports from India declined by 8.79 per cent, indicating a potential challenge or shift in competitiveness within the Indian apparel sector vis-à-vis other sourcing destinations.
Overall, these fluctuations in apparel imports underscore the intricate dynamics of global trade relationships and the constant evolution of sourcing strategies within the highly competitive apparel industry.
